Weekly Wrap: Where’s the State of Banking?

Amy He

By Amy He
Updated on Mon Jul 21, 2014

The State of the Union took over much of the talk in the media this week, with many publications expressing how impressed they were at the more aggressive stance President Obama took on many liberal issues. He wants to raise the minimum wage, push for universal preschool, and divert more resources to defend the US against cyberattacks.

But like I mentioned in a past Weekly Wrap about how a huge presidential event rarely focuses on the, you know, president, we also heard a lot about Marco Rubio’s major once-in-a-lifetime stumble. In his response to the president’s State of the Union address, he was sweaty and stuttery, finally reaching off-camera for some water. Pundits couldn’t stop making fun of the poor guy. Now that made the State of the Union exciting.

The president didn’t touch on banks much in his speech, which is a shame, but at least newly elected senator Elizabeth Warren grilled bank regulators by asking a mind-blowingly simple question and not getting a single good response.

On the banking front, we wanted to remind you that Monday is President’s Day, so most banks will be closed to celebrate the holiday. Check out which banks will remain open.

M&T Bank is hopping onboard the à-la-carte train by offering an array of add-ons that can be customized according to what services customers would like from their accounts.

This week was a big week on news about the intersection of social media and banking. American Express introduced a new way to make purchases over Twitter by using a specific hashtag, and my colleague Simon writes on whether or not it’s useful for consumers. Some lenders are using social media to gauge a potential borrower’s creditworthiness and we think that’s a terrible idea.

The MBT team talked about the weirdest thing we’ve ever done for money and Simon definitely gets an award for doing a variety of off-kilter things to get that dough. I get no awards.

Mardi Gras was this Tuesday, which meant that Ash Wednesday followed, which also meant that Lent started. Here are a couple of things you can give up for Lent in order to save some money. (Hint: eat less!)

We’re off for Monday, so enjoy your three-day weekends and we’ll see you on Tuesday.

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