Banking and Lending
Fed Likely to Preach Patience on Rate Cuts
By Christopher Rugaber | The Associated Press | March 18, 2024 | ReprintsAcross the United States, many people are eagerly anticipating the Federal Reserve’s first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Housing developers looking to get shovels in the ground.
Fintech Bank Opens Stamford HQ
March 12, 2024 | Reprints | Unlock LinkEuropean fintech Banking Circle has placed its American headquarters office in Stamford, drawing Gov. Ned Lamont and state Banking Commissioner Jorge Perez to the ribbon-cutting.
Powell: Rate Cuts Still Likely, but More Evidence Needed that Inflation’s Tamed
By Christopher Rugaber | The Associated Press | March 6, 2024 | Reprints | Unlock LinkChair Jerome Powell reinforced his belief Wednesday that the Federal Reserve will cut its key interest rate this year but that it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2 percent target.
CFPB Seeks $8 Credit Card Late Fee Cap
By Ken Sweet and Josh BOak | The Associated Press | March 5, 2024 | Reprints | Unlock LinkThe Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called “junk fees” and a move that regulators say will save Americans up to $10 billion a year.
Wells Fargo Plans Two More CT Branch Closings
By James Sanna | March 4, 2024 | Reprints | Unlock LinkAdd New Haven and Bethel to the communities in line to lose a Wells Fargo branch this year.
One Year After Buying a Failed Bank, New York Community Bancorp Is Struggling
By Michelle Chapman | The Associated Press | March 1, 2024 | Reprints | Unlock LinkA New York bank is under severe pressure Friday close to one year after absorbing a large chunk of another bank 30 miles away that had failed.
Localizing Philanthropy for a Global Bank
By Nika Cataldo | March 1, 2024 | Reprints | Unlock LinkComing from the world of government administration, Rafia Zahir-Uddin has helped JPMorgan Chase to provide $1 million in community investments in Connecticut in 2023 as its vice president for corporate responsibility.
Fewer Banks Tightening Lending Standards, Raising Hopes
By Damian J. Troise | The Associated Press | February 29, 2024 | Reprints | Unlock LinkFewer banks tightened lending standards as 2023 came to a close, a hopeful sign for businesses that broader loan access is on the horizon.
Boston Fed Appoints New First VP, COO
By Nika Cataldo | February 28, 2024 | Reprints | Unlock LinkThe Federal Reserve Bank of Boston has named Karen A. Pennell its new first vice president and chief operating officer. She will replace Kenneth C. Montgomery, who will retire this spring.
NBT Cuts Ribbon on New West Hartford Branch
February 27, 2024 | Reprints | Unlock LinkNBT Bank celebrated its newly relocated West Hartford branch with a ribbon-cutting ceremony on Feb. 21 and donations to a pair of local charities.
CT’s Largest CU to Merge With Wellness Federal Credit Union
February 26, 2024 | Reprints | Unlock LinkAmerican Eagle Financial Credit Union, the state’s largest credit union, and Hartford-based Wellness Federal Credit Union have filed papers to merge, following votes by their respective boards of directors to combine forces.
What Recession? Professional Forecasters Raise Expectations for 2024
By The Associated Press | February 26, 2024 | Reprints | Unlock LinkThis year looks to be a much better one for the U.S. economy than business economists were forecasting just a few months ago, according to a survey released Monday.
Fed Officials Caution Against Cutting Interest Rates Too Soon or Too Much
By Christopher Rugaber | The Associated Press | February 23, 2024 | Reprints | Unlock LinkSeveral Federal Reserve policymakers warned Thursday against cutting U.S. interest rates too soon or by too much in the wake of recent data showing inflation stayed unexpectedly high in January.
Bank Economists Grow More Optimistic on Credit Conditions in Q1
By Nika Cataldo | February 22, 2024 | Reprints | Unlock LinkWhile credit conditions are still expected to weaken compared to their strong position in the last few years, bank economists have come to view the situation with more optimism due to better economic growth.
Robots and Happy Workers: Productivity Surge Helps Explain Economy’s Surprising Resilience
By Paul Wiseman | The Associated Press | February 21, 2024 | Reprints | Unlock LinkChronic worker shortages have led many companies to invest in machines to do some of the work they can’t find people to do. They’ve also been training the workers they do have to use advanced technology so they can produce more with less. The result has been an unexpected productivity boom.
Credit Union Acquires Historic Building in Cheshire
February 16, 2024 | Reprints | Unlock LinkNorwalk-based Sound Federal Credit Union has acquired a new location in Cheshire, where it intends to open a full-service lending subsidiary.
Regional Banks Report Troubled Office Loans
By Nika Cataldo | February 15, 2024 | Reprints | Unlock LinkThe fourth quarter earnings calls of regional banks with branches in Connecticut revealed an increasing share of troubled office loans, a trend that may continue in the next few quarters.
M&T Marks Progress in Donations, Mostly to CT Nonprofits, Tied to Merger
By Nika Cataldo | February 14, 2024 | Reprints | Unlock LinkM&T Bank’s charitable foundation has now distributed 80 percent of the bank’s $25 million Amplify Fund to 173 nonprofits in its New England markets, most of them in Connecticut.
Treasury Proposes New Anti-Money Laundering Rules for Investment Advisers
By Fatima Hussein | The Associated Press | February 13, 2024 | Reprints | Unlock LinkThe Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system.
Inflation Is Nearly Back to 2 Percent. So Why Isn’t the Fed Ready to Cut Rates?
By Christopher Rugaber | The Associated Press | February 12, 2024 | Reprints | Unlock LinkFrom Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. Central bankers? Not so much.