tailieunhanh - The Transformation of Banking and Its Impact on Consumers and Small Businesses
Al Qaeda absorbed costs related to the plot before the hijackers arrived in the United States, although our knowledge of the funding during this period remains somewhat murky. According to plot leader Khalid Sheikh Muhammad (KSM), the Hamburg cell members (Muhamad Atta, Marwan al Shehhi, Ziad Jarrah, and Ramzi Binalshibh) each received $5,000 to pay for their return from Afghanistan to Germany in late 1999 or early 2000, after they had been selected to join the plot, and the three Hamburg pilots also received additional funds for travel from Germany to the United States. Once the nonpilot muscle hijackers received. | The Transformation of Banking and Its Impact on Consumers and Small Businesses By William R. Keeton The banking industry has undergone profound changes during the last decade. The most obvious change has been the large number of bank mergers which have increased both the average size of banks and the area over which they operate. Other changes may also prove dramatic but are at this point just getting under way the growth of Internet banking and the combination of banking with other financial services such as insurance and securities underwriting. The implications of these changes for the profitability and safety of banks have been widely discussed but what do they mean for local economies Some analysts argue that the changes will benefit most communities by increasing the public s access to financial services and making it easier for banks to continue lending during regional economic downturns. Others argue that the changes will end up hurting many communities especially smaller ones because the large organizations created by mergers will be uninterested in serving small customers and will siphon off funds from smaller markets to lend in big cities. To shed light on the debate this article focuses on the two groups that are most likely to be affected by the transformation of banking consumers and small businesses. Before the recent changes surveys consistently found that these two groups relied heavily on local banks for their credit and payments needs. It stands to reason therefore that they would also be the groups most affected by any changes in local banking William R. Keeton is a senior economist at the Federal Reserve Bank of Kansas City. James Conner a research associate at the bank helped prepare the article. This article is on the bank s web site at . 25 26 FEDERAL RESERVE BANK OF KANSAS CITY practices resulting from consolidation Internet banking or financial integration. A further reason for focusing on small businesses is that these .
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