Three weeks have gone by since the last U.S. bank failure. Perhaps there is a new rule that a bank can’t fail while its Christmas tree is up. Or perhaps the pace of bank failures is actually slowing. An increasing number of banks are emerging from cease and desist orders relating to financial distress. The numbers are still small, and the various lists of problem banks in the United States still count near one thousand. But these perhaps are hopeful trends.
The NCUA today took over management at People for People Community Development Credit Union, in the economically troubled North Philadelphia neighborhood of Philadelphia. The credit union, which has 1,500 members, will continue to operate.