By  Mon Jan 23, 2012

State of the Union: 5 Things to Know for the Week

Amid an intense political environment, President Obama will hold the State of the Union Address on what his agenda would be for the nation in this critical election year. The high unemployment rate and income inequality are surely among the highlights of his speech.

  • President Barack Obama will deliver the State of the Union Address on Tuesday, January 24 at 9 P.M. Eastern. In a YouTube video entitled “Blueprint for an America Built to Last”, Obama gave the nation a preview of the talking points in his speech. There will be emphasis placed on developing and strengthening the middle class, increasing tax burden on the wealthy, creating American jobs, improving education, and utilizing alternative energy sources. Last year, over 43 million viewers tuned in to the State of the Union Address on broadcast television.
  • The Federal Reserve will release target federal funds rate projections for the first time on Wednesday. The disclosures would publicize what the central bank expects interest rate levels to be in the years to come. The projections would be pertinent to financial institutions and consumers as the numbers will impact interest rates on deposit accounts. Low projected rates will likely lead to a drop in rates for savings accounts and CDs.
  • PayPal will begin expanding its new in-store payments solution to over 2,000 Home Depot locations by March. The pilot program allows PayPal members to pay for their purchases simply by entering their phone number. Previously, PayPal shared that it was testing the payments model in five Home Depot stores.
  • BankUnited customers may no longer have to anticipate seeing their local branch carry a different name and logo after talks of a sale have been reportedly halted. As the second biggest bank in the state of Florida, BankUnited considered potential suitors in TD Bank and BB&T.
  • UFB Direct’s Airline Rewards Savings account, the online savings account that previously paid out an industry-leading 1.30% APY, has finally dropped its rate to 1.10% APY. It continues to outshine savings accounts offered by other popular online banks, which have already made cuts to their rates in recent weeks. Sallie Mae Bank still doles out a nationwide 1.00% APY on savings but that is likely to fall soon.

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