Banking and Lending
People’s United, Webster Bank See Improving Loan Deferrals
By Diane McLaughlin | October 23, 2020 | Reprints | Unlock Link
The two largest Connecticut-based banks both had fewer clients needing loan deferrals during the third quarter compared to the early months of the pandemic.
MBA Forecasts Purchase Originations Will Grow, Refis Slow in 2021
October 22, 2020 | Reprints | Unlock LinkThe Mortgage Bankers Association predicts purchase mortgage originations will grow in 2021 while the meteoric increase in refinance activity will taper off.
GSE Patch Extended
October 21, 2020 | Reprints | Unlock LinkThe Consumer Financial Protection Bureau issued a final rule on Tuesday to extend the Government-Sponsored Enterprise (GSE) Patch, a move that could protect borrowers with high debt-to-income ratios.
FDIC Offers Bank Temporary Reporting Relief on PPP Assets
October 21, 2020 | Reprints | Unlock LinkBanks with more than $500 million in assets will receive temporary relief from FDIC audit requirements if they experienced growth by participating in the Paycheck Protection Program and other economic aid activities.
Dimech Named Norcom’s EVP, Operations Manager
October 20, 2020 | Reprints | Unlock LinkAvon-based Norcom Mortgage has named Mike Dimech its executive vice president and operations manager.
Deadline Looms, but COVID Relief Deal May Be Far Off
By The Associated Press | October 20, 2020 | Reprints | Unlock LinkHouse Speaker Nancy Pelosi reported some progress in advance of a Tuesday deadline for reaching a pre-election deal with President Donald Trump on a new coronavirus relief package, but the same core problems bedeviling the effort remain in place despite optimistic talk from the president and his team.
FDIC Report: Gains in Bank Access Overshadowed by COVID
By The Associated Press | October 20, 2020 | Reprints | Unlock LinkMore Americans than ever obtained a basic bank account in 2019, the Federal Deposit Insurance Corp. said Monday. But data was gathered before the outbreak of the coronavirus pandemic and start of this historic recession.
Report Faults Trump Administration Handling of PPP
By Diane McLaughlin | October 19, 2020 | Reprints | Unlock LinkA congressional report released last week provided evidence that the Treasury Department had advised banks to focus on existing customers during the early days of the Paycheck Protection Program, a finding that the Treasury Department denied.
State Released Color-Coded COVID Risk Map, Vaccine Distribution Guidelines
October 19, 2020 | Reprints | Unlock LinkConnecticut residents wanting to track the latest wave of COVID-19 infections have a new tool in the form of a color-coded threat map.
Berkshire Partnership Aids Domestic Violence Survivors
October 16, 2020 | Reprints | Unlock LinkBerkshire Bank has partnered with FreeFrom, a national organization focusing on the connection between financial insecurity and intimate partner violence, to improve protections for employees experiencing domestic violence and develop products and services to support customers dealing with abuse.
Webster Banker Wins National Cybersecurity Award
October 15, 2020 | Reprints | Unlock LinkWebster Bank’s senior vice president and chief security information officer, Aimee Barricelli, has been named the 2020 Chief Information Security Officer of the Year by the American Cyber Awards, a national awards program that recognizes innovative and successful people, teams and products working in cybersecurity.
Forbearances Drop as Initial CARES Act Relief Ends
October 15, 2020 | Reprints | Unlock LinkWith the first of two six-month forbearance periods available through the CARES Act ending, some borrowers have been exiting forbearance without contacting their mortgage servicers, one factor contributing to a recent drop in loan forbearances, according to the Mortgage Bankers Association.
Mortgage Volumes Outpace Last Year’s Activity
October 15, 2020 | Reprints | Unlock LinkThe mortgage industry continues to see more purchase and refinance applications compared to the same time last year, though applications dipped slightly from last week, according to data from the Mortgage Bankers Association.
From Accidental Banker to CEO
By Diane McLaughlin | October 15, 2020 | Reprints | Unlock LinkAfter taking time off from a career in manufacturing, Lesa Vanotti responded to a help wanted ad for what she called a “nice bank job” at Torrington Savings Bank, where she planned to work for a few years before returning to manufacturing once her children were older. Instead, her job in the accounting department led to her becoming the bank’s controller and then chief financial officer.
Long-Term Jobless Caught in Squeeze that Imperils Recovery
By The Associated Press | October 14, 2020 | Reprints | Unlock LinkRecent trends have raised the specter of a period of widespread long-term unemployment that could turn the viral recession into a more painful, extended downturn as job skills erode and financial lives get upended by long-term unemployment.
Forbearances Drop as Initial CARES Act Relief Ends
October 13, 2020 | Reprints | Unlock LinkWith the first of two six-month forbearance periods available through the CARES Act ending, some borrowers have been exiting forbearance without contacting their mortgage servicers, one factor contributing to a recent drop in loan forbearances.
SBA Simplifies PPP Forgiveness for Loans Under $50K
By Diane McLaughlin | October 9, 2020 | Reprints | Unlock LinkSmall business owners who received Paycheck Protection Program loans for less than $50,000 will receive forgiveness even if they have reduced their number of employees, according to guidance released yesterday by the U.S. Small Business Administration.
Berkshire Bank Adopts Narmi’s Account Opening Platform
October 9, 2020 | Reprints | Unlock LinkBerkshire Bank has partnered with New York-based financial technology company Narmi to implement a new digital process for opening deposit accounts.
Feds Fine Citigroup $400M Over Faulty Risk Management
By The Associated Press | October 8, 2020 | Reprints | Unlock LinkCitigroup has agreed to pay a $400 million fine imposed by U.S. regulators for failing to shore up the bank’s operations.
Industry Vet Joins Promontory MortgagePath
October 8, 2020 | Reprints | Unlock LinkTheresa Sloan joins Promontory MortgagePath as managing director of national mortgage operations.
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