First & Peoples survived many disasters, but loans to a fintech may prove its undoing
Russell, Kentucky, has survived three floods, a smallpox outbreak, a downtown blaze and a 200-mile oil spill. Its largest employer left in 1999. Now the town is facing another potential calamity: First & Peoples Bank, its sole local lender with roots to 1907, has received notices from three regulators this year warning about its precarious finances. The bank’s troubles do not stem from the region’s declining fortunes.
Increasingly these lending partnerships are getting small banks into trouble. In the first half of this year, bank regulators have brought 11 enforcement actions against banks that partnered with fintech groups, up from two in the same time in 2023, according to bank consultant Klaros Group.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Day On Earth: Michaela Coel Announces New TV Show, Her First In Four YearsI May Destroy You star and creator Michaela Coel has announced her new TV series, and it's called First Day On Earth.
Read more »
Wayne Rooney: How TV's First Dates helped Plymouth boss get first winPlymough Argyle head coach Wayne Rooney reveals how TV show First Dates helped him wind down and prepare to get his first win as boss in the EFL Cup.
Read more »
Ryan Thomas on first Manchester home as he issues advice to first time buyersThe former Coronation Street star bought his first home at the age of just 18
Read more »
Eluned Morgan becomes Wales' first-ever female First MinisterEluned Morgan has today been confirmed as Wales’ new First Minister, becoming the first woman to hold the role.
Read more »
First Strictly celeb confirmed with major first announcedThe first celebrity contestant for the 2024 series of Strictly Come Dancing has been announced as comedian Chris McCausland, who becomes the first blind star to take to the dance floor
Read more »
Free-to-play The First Descendant adds new characters and more with first big Xbox updateFree-to-play action-RPG The First Descendant has just dropped its first update for Xbox Series X|S and Xbox One, with new characters, a new boss, and more.
Read more »