Behavioral Finance Explains Why You Aren’t Saving

Americans are not saving enough for retirement. Behavioral finance attempts to answer why there is a lack of retirement savings and, more importantly, makes recommendations as to how to fix the deficit. Saving is not easy. There are competing demands in raising children and purchasing a...

Show Me the Money: High loan demand spurs pressure for new deposits

Banks are stepping up the hunt for deposits in order to meet strong local demand for loans. “For the first time in seven years, I’m noticing a competitive pressure on deposits,” said Connie Deneweth, chief executive officer of Traverse City State Bank. “Banks are raising interest...

Breaking Down the DOL’s Final Fiduciary Rule

On April 6, 2016, the Department of Labor (DOL) released its final rule that redefines who is considered a fiduciary of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. The final rule focuses on...

SBA Lauds Local Lending Institutions

A local financial institution is among the winners of the U.S. Small Business Administration lenders awards for fiscal 2016. The SBA District Director’s Award was given to Northern Initiatives, a nonprofit Community Development Finance Institution that provides loans to small business owners and entrepreneurs in...

The Tax Implications of Short-Term Rentals

Beautiful northern Michigan! Lovely surroundings, increased tourism and the proliferation of web sites such as Airbnb, VRBO, and HomeAway have led to a boom in short-term rentals in northern Michigan. What, if any, are the tax implications of a short-term rental? The answer depends on a...

Credit Unions Experience Growth, But See Issues

Executives worry about rising interest rates, regulations and more Local credit unions continue to prosper in a strong economy, but face a variety of challenges that include burdensome regulations, rising interest rates and adjusting to changes in the market for financial services. Credit union executives also are...