November Headline Round-Up Tells the Story of a Historic Month

November 2011 was a historic month, one that shook up the financial services industry, beginning with Bank of America canceling its debit-card fee on Nov. 1. Bank Transfer Day played a role in the mass exodus of consumers from big banks on Nov. 5, and the subsequent spider web of activity in the financial services industry has changed the landscape.

The month was capped by yesterday’s sudden news that several of the world’s central banks were simultaneously making U.S. dollars available for lending through what is called a swap line, an action that lifted the markets and signaled, at least temporarily, that these institutions are willing to go to extraordinary lengths to stop a catastrophic failure of the world’s banking system.

By only releasing dollars, it also shows that the United States remains the reserve currency of choice among the world’s nations.

While the news and its initial positive result were celebrated by some, for others it sounded an alarm. One financial services blogger asked, “For the world’s banks to make this move, how close to disaster were we yesterday?”

The answer to this question is likely to be pondered at great depth in the coming days and weeks. For now, take a look back at a month’s worth of news to see how we got to today’s headline: Europe’s debt crisis echoed in Washington.

Nov. 1
Bank of America Drops $5 Debit Card Fee

Nov. 2
B of A employees flood bank’s rivals with resumes

Nov. 3
Credit Union Business Grows as Consumers Sour on Banks

Nov. 4
Bank Transfer Day – People Dumping Their Banks

Nov. 5
Banks closed in Neb, Utah; 87 failures in 2011

Nov. 6
Bank Transfer Day a boon to credit unions, small banks

Nov. 7
Credit Unions Poach Clients

Nov. 8
Move Your Money Day a Success; Over $50 Million Withdrawn From Big Banks

Nov. 9
Italy’s Debt Dilemma: Too Big to Fail and Too Big to Rescue?

Nov. 10
Georgia Bank Is Closed in Year’s 88th Failure

Nov. 11
China says 2011 economic growth set to slip to 9.2%

Nov. 12
US urges Asia to help save global economy

Nov. 13
Silvio Berlusconi bows out after Italian MPs vote for savage cuts

Nov. 14
IMF Warns China’s Banks Face Growing Risks

Nov. 15
Citi and Deutsche Banks Settle Claims Over Securities

Nov. 16
Occupy Rockford protesters call on Lisa Madigan to Punish Banks

Nov. 17
EU crisis biggest risk to world economy

Nov. 18
Nearly 1 in 3 US Children live in Poverty

Nov. 19
Portland Protesters Try to Occupy Foreclosed Home

Nov. 20
Spanish voters set to swing to the right over euro crisis

Nov. 21
Bank Chief Rejects Calls to Rescue Euro Zone

Nov. 22
15 Arrested at Bank of America Anti-Foreclosure Sit-In

Nov. 23
Euro Fails to Holds Support On Failed Bond Auction

Nov. 24
President Acknowledges Tough Economy This Thanksgiving

Nov. 25
Shoppers Say Black Friday Shopping Worth It

Nov. 26
Residents Taking Part in Small Business Saturday

Nov. 27
Europe’s Austerity to Bring Cold, Bleak Winter

Nov. 28
Supercommittee impasse cause for concern

Nov. 29
Bank Regulators Abandon Credit Ratings to Measure Risk

Nov. 30
Rabobank: The last triple-A rated bank falls

 

Questions or Concerns? Contact Matt Halvorson, Anthem Editor: mhalvorson@nwcua.org.

Posted in Economy.