Banking and Lending
Bank Profits Soar, Helped By Merger Frenzy, Fewer Bad Loans
By The Associated Press | October 18, 2021 | ReprintsFour of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has helped reduce the number of loans in default or that the bank won’t likely recoup.
Rispoli Joins First County Bank’s Wealth Management Division
October 18, 2021 | ReprintsFirst County Advisors, the wealth management division of Stamford-based First County Bank, has expanded with the hiring of Michael Rispoli as vice president relationship manager.
Torrington Savings Bank Establishes Investment Division
October 15, 2021 | Reprints | Unlock Link
Torrington Savings Bank has partnered with Meriden-based Infinex Financial Group to establish TSB Investments, the bank’s new investment division.
Raveis Launches Cash Offer Product for Homebuyers
By James Sanna | October 15, 2021 | Reprints | Unlock LinkWilliam Raveis Inc. has launched a new service it says will help buyers compete with all-cash offers in an incredibly tight real estate market.
Industry Groups Continue Campaign Against Proposed IRS Reporting
By Diane McLaughlin | October 15, 2021 | Reprints | Unlock LinkAn aggressive industry campaign against a Biden administration proposal to report bank account information to the Internal Revenue Service continued on Thursday as more than 100 trade groups and other organizations sent a joint letter to congressional leaders voicing opposition to the proposal.
Administration Outlines Options to Control Climate Risk in Mortgages, Banking
By The Associated Press | October 15, 2021 | Reprints | Unlock LinkThe report lays out steps that could potentially alter the mortgage process, stock market disclosures, retirement plans, federal procurement and government budgeting.
Fed Officials: Bond-Buying Could End by Mid-2022
By The Associated Press | October 14, 2021 | Reprints | Unlock LinkFederal Reserve officials are signaling moves that could send mortgage interest rates up next year, potentially curtailing strong housing demand.
Synchrony Partnership With Fiserv Expands Offerings for Small Businesses
October 14, 2021 | Reprints | Unlock LinkStamford-based consumer financing company Synchrony has expanded its partnership with technology provider Fiserv Inc. to give small businesses access to Synchrony products and services through the Clover point-of-sale and business management platform.
Essex Savings’ 18th Leader – And First Woman
By Diane McLaughlin | October 14, 2021 | Reprints | Unlock LinkDiane Arnold had a summer job in Branford as a banker teller, but after graduating from college, she began working in the insurance industry. That career was short-lived, though, after Arnold received a call from Essex Savings Bank’s Gregory Shook asking her to return to the bank and go through a management training program. She has been in banking ever since, working on commercial lending.
Inflation Rises 5.4 Percent from Year Ago
By The Associated Press | October 13, 2021 | Reprints | Unlock LinkAnother surge in consumer prices in September sent inflation to 5.4 percent from a year ago, matching the highest such rate since 2008 as tangled global supply lines continue to create havoc.
Boston Fed Begins Search for Next President
By Diane McLaughlin | October 13, 2021 | Reprints | Unlock LinkThe search for the Federal Reserve Bank of Boston’s next president and CEO has begun, with board chair and Brown University president, Christina Paxson, leading the search committee. “The job represents an incredible opportunity to lead a talented group of people who...
Fed Sees Climate Scenario Analysis As Key Tool for Banks
By Diane McLaughlin | October 8, 2021 | Reprints | Unlock LinkThe Federal Reserve is working on developing a model to help financial institutions and regulators analyze the effects climate change could have on the industry and the economy.
US Employers Add a Weak 194,000 Jobs as Delta Maintains Hold
By The Associated Press | October 8, 2021 | Reprints | Unlock LinkU.S. employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the pandemic has kept its grip on the economy, with many companies struggling to fill millions of open jobs.
New Wholesale Mortgage Company Opens CT Office
October 7, 2021 | Reprints | Unlock LinkTPO GO, a new Connecticut-based mortgage wholesale company specializing in renovation mortgages, has opened its first office at 38 Security Dr. in Avon, the company said in a statement.
Agreement on Short-Term Debt Ceiling Fix Averts Crisis
By Lisa Mascaro, Kevin Freking and Josh Boak | The Associated Press | October 7, 2021 | Reprints | Unlock LinkSenate Majority Leader Chuck Schumer said Thursday an agreement has been reached with Republicans to extend the government’s borrowing authority into December, temporarily averting a debt crisis.
The Fight to End Money Laundering Comes to America
By Lew Sichelman | October 7, 2021 | Reprints | Unlock LinkNowhere is this criminal enterprise more prominent than in real estate, both residential and commercial. And a new report says America has become a “safe haven” for this kind of money laundering.
15th Defendant Pleads Guilty in ATM Skimming Case
October 6, 2021 | Reprints | Unlock LinkThe last of 15 defendants in an ATM skimming operation in Connecticut and other states has pleaded guilty in federal court.
Could a $1T Coin Fix the Debt Limit?
By Calvin Woodward | The Associated press | October 6, 2021 | Reprints | Unlock LinkSome politicians think they’ve found a silver bullet for the impasse over the debt limit, except the bullet is made of platinum: Mint a $1 trillion coin, token of all tokens, and use it to flood the treasury with cash and drive Republicans crazy.
Glastonbury Fintech Payrailz Launches AI-Based Feature
October 5, 2021 | Reprints | Unlock LinkGlastonbury-based Payrailz, a digital payments company for banks and credit unions, has launched a new feature that uses artificial intelligence to alert the financial institution’s customers that they might have missed making a regular payment.
Torrington Savings Adds to Commercial Banking Team
October 4, 2021 | Reprints | Unlock LinkTorrington Savings Bank has hired Edward J. “E.J.” D’Ettore and Ryan Lynch as officers for its commercial banking team.
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