Banking and Lending
In the wake of nation-wide protests and, in some cases, clashes with police and looting, local and national figures in the real estate and banking industries have largely condemned the violence alongside the killing of a Black Minneapolis man, George Floyd, while in police custody.
In a letter yesterday to the U.S. Conference of Mayors, acting Comptroller of the Currency Brian Brooks said requirements that people wear face masks in public could lead to more bank robberies.
A new analysis from investment bank Keefe, Bruyette & Woods shows that small- and mid-cap stock banks in the Northeast had similar credit quality during the first quarter as other SMID banks in the broader group that KBW analyzes.
Expanded free mobile testing for COVID-19, with no prescriptions required, has begun in several Connecticut cities. It’s part of the state’s effort to ramp-up testing of people living in densely populated areas to help keep tabs on possible flareups.
The House gave sweeping bipartisan approval Thursday to legislation modify the terms of Paycheck Protection Program loans made to businesses that have suffered COVID-related losses, giving them more flexibility to use federal subsidies for other costs and extending the lifespan of the program as the economy continues to struggle.
U.S. consumer spending plunged by a record-shattering 13.6 percent in April as the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a deep recession.
The Federal Reserve Bank of Boston has released instructions and documents lenders will use in the Main Street Lending Program, but the program’s launch date still has not been announced.
Commercial tenants in New England are seeking lease renewals with shorter terms, the Federal Reserve’s eight-times-a-year survey of the nation’s regional economy, colloquially called “the Beige Book” after the cover of its print edition, has found.
Connecticut renters and homeowners could miss $366 million in mortgage and rental payments during the coronavirus pandemic without government assistance, according to a study by the Federal Reserve Bank of Boson’s New England Public Policy Center.
In Connecticut, 16,584 filed, over 9,300 fewer than filed last week, according to the federal Labor Department, a significant drop continuing a trend of week-over-week declines since the state’s retail and hospitality sectors, among others, largely shuttered due to the coronavirus.
With mortgage interest rates at historic lows, loan originators in 2019 experienced a months-long refinancing boom that has continued amid the coronavirus crisis.
In a sign that the spring market could soon take off, purchase mortgage applications across the country increased for the sixth consecutive week, according to the Mortgage Bankers Association’s latest survey.
According to Mortgage Bankers Association’s estimate, 4.2 million homeowners are now in forbearance plans.
Almost two months after the Paycheck Protection Program launched, lenders finally have details about their role in forgiving the loans.
With more than 38 million unemployment claims, the Republican response centers on kick-starting the economy to reduce the need for more federal intervention.
A day after releasing long-planned updates to the Community Reinvestment Act, Comptroller of the Currency Joseph Otting resigned, effective May 29. The OCC’s first deputy and Chief Operating Officer, Brian Brooks, will become acting comptroller of the currency, the OCC announced Thursday.
Another 26,000 Connecticut residents filed first-time jobless claims for the week ending May 16, bringing the total number of first-time jobless claims filed since March 15 up to just shy of 30 percent of the state’s March workforce.
The president of a regional Federal Reserve bank that will oversee a groundbreaking business lending program said Wednesday that he thinks a slower-than-expected recovery from the economic downturn would lead companies to seek critical support from the program.
Five months after issuing a proposal to update the Community Reinvestment Act, the Office of the Comptroller of the Currency today released its final rule.
Purchase mortgage applications across the country are now only 1.5 percent off the same week one year ago according to the Mortgage Bankers Association’s latest survey.