Survey Shows Transformation of Business, Consumer Banking
Almost three-quarters of consumers and businesses said the pandemic has permanently changed how they interact with financial institutions, according to a recent survey by Citizens Bank.
Survey: Community Banks Increasingly Concerned About Profits
While community bankers in December had a slightly more optimistic outlook about future business conditions and the economic outlook compared to the end of 2020, bankers are expressing more concerns about future profitability, according to the Conference of State Bank...Big Bank Profits Soared in 2021
Three of the nation’s biggest banks reported blowout profits for 2021 on Friday, helped by the improving economy and consumers and businesses willing to spend and take on loans.
Doctors Believe Latest Surge May be Peaking in CT
Doctors at Connecticut’s two largest health care systems say they believe the latest wave of the COVID-19 pandemic may be peaking in the state.
Raskin Nomination Puts Climate on Fed’s Regulatory Agenda
President Joe Biden announced the nomination of Sarah Bloom Raskin, a former Fed and Treasury official, for the Federal Reserve Board’s top regulatory slot on Friday in a move that could lead to climate concerns being incorporated into bank regulation.
Powell, Brainard, Biden Feel Pressure from Inflation’s Rise
As Americans ramped up spending, supply chains remained squeezed by shortages of workers and raw materials and this magnified price pressures.
CT’s First Community Bank in a Decade Proposed
As the banking landscape continues to change amid factors ranging from mergers and branch closings to fintech competition and consumer behaviors, a group in Fairfield County sees an opportunity to open a new traditional brick-and-mortar community bank.
Redfin Moves into CT Mortgage Market with Acquisition
Discount brokerage Redfin has agreed to acquire mortgage lender Bay Equity Home Loans in a move Redfin said would increase its scale and efficiency while giving customers more lending options.
US Inflation Soared Last Year, Most Since 1982
Inflation jumped at its fastest pace in nearly 40 years last month, a 7 percent spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden
NBT Launches Bank On Account
NBT Bank has joined a growing number of institutions offering an account aimed at helping to bring more unbanked and underbanked people into the mainstream financial system.
Fieldpoint Private to Sell Wealth Management Business
Greenwich-based Fieldpoint Private has agreed to sell its wealth management division in a deal that will keep its bank independent.
BofA Reduces Overdraft Fee, Eliminates NSF Fee
Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks.
Torrington Savings Foundation Awards $120K in Grants
The charitable foundation of Torrington Savings Bank recently awarded nearly $120,000 in grants to organizations supporting housing and education.
Credit Union League Expands Staff
Melissa Robinson, the former CEO of New London Municipal Employees Credit Union, has joined the Credit Union League of Connecticut as vice president of operations.
Fed Officials See Earlier Rate Hikes as US Hiring Recovers
The U.S. job market is nearly healthy enough that central bankers think low-interest rate policies are no longer needed.
Board Changes for Boston Fed
Sushil Tuli, the chairman and CEO of Arlington, Massachusetts-based Leader Bank, has been elected to the Federal Reserve Bank of Boston’s board of directors effective Jan. 1, the Boston Fed said in a statement yesterday.
FHFA Increases Fees on High Balance, Second Home Loans
Some high balance loans and mortgages on second homes sold to Fannie Mae or Freddie Mac could soon face higher upfront fees.
Leadership Turmoil at First Republic Bank
Days after one of First Republic Bank’s co-CEOs took a medical leave of absence, the other co-CEO has resigned.
A Record 4.5M Americans Quit their Jobs in November
Experts say it’s a sign of confidence and more evidence that the U.S. job market is bouncing back strongly from last year’s coronavirus recession.
Mortgage Lending on Pace to Exceed 2020 Levels
While November single-family mortgage activity dropped off compared to last year, Connecticut remains on pace to exceed both 2020 and 2019 levels.
