Banking and Lending
SI Bank & Trust Awards $4K to Local Organizations
Savings Institute Bank & Trust employees recently raised money for local organizations through the bank’s Caring and Giving Program.
Finastra Acquires Malauzai
The third largest fintech company in the world has purchased a provider of mobile and internet banking solutions for community banks and credit unions.
Study: Bank and Credit Card Apps Improving Customer Satisfaction
U.S. banks and credit card apps are starting to win over the hearts of their customers.
Freddie Mac Weekly Mortgage Rates
Mortgage rates inched back over the past week and have now declined in three of the past four weeks.
Payrailz to Partner with Bill-Reduction Platform
Glastonbury-based fintech Payrailz has a new partner.
People’s United Bank to Acquire Farmington Bank
People’s United Bank announced this morning that it will acquire the parent company of Farmington Bank in an all stock transaction valued at roughly $544 million and 180 percent tangible book value.
BofA’s Merrill Admits Misleading Customers, to Pay $42M SEC Fine
Bank of America Corp.’s Merrill Lynch unit admitted to misleading brokerage customers about which firms processed their trades and agreed to pay a $42 million fine under a settlement with the U.S. Securities and Exchange Commission announced on Tuesday.
Owner of Meriden Transportation Firm Sentenced to Prison for Fraud Scheme
The owner of Transportation Cost Management LLC has been sentenced to prison for a fraud scheme.
Man Pleads Guilty to Stealing from Bank ATMs
A Massachusetts man has pleaded guilty in federal court in Connecticut to his role in a scheme to steal tens of thousands of dollars from bank ATMs.
NCUA to Consider Contentious CU Field of Membership Rule
The National Credit Union Administration on June 21 will consider a final rule regarding field of membership, a move that bankers are fiercely opposed to.
Ion Bank Announces New Hires and Promotions
Ion Bank has hired several new employees and promoted one.
States Reach Settlement with Citibank for Manipulating LIBOR
Under a multistate settlement agreement, Citibank N.A. will pay $95 million in restitution to government and nonprofit entities for its manipulation of a benchmark interest rate in the lead up to and early days of the 2008 financial crisis.
Volcker ‘Fix’ May Cause New Headaches for Wall Street
A proposal to simplify a rule banning banks from proprietary trading, rather than making life easier for Wall Street, could ensnare billions of dollars’ worth of assets not currently caught by the regulation.
Nutmeg State Financial CU Acquires CUSO
Rocky Hill-based Nutmeg State Financial Credit Union has purchased a Colorado-based credit union service organization.
Wells Fargo Settles Retail Sales Lawsuit For $142M
Wells Fargo & Co. said on Friday a district court in California approved a $142 million class-action settlement to compensate customers who were affected by a sales scandal related to the opening of phony bank accounts.
Texas Judge Blocks CFPB’s Attempt to Delay Payday Lending Rule
The Consumer Financial Protection Bureau’s payday lending rule, created by former CFPB Director Richard Cordray, will go into effect in August 2019 as originally intended.
Chief Credit Officer at Patriot Bank Resigns
The longtime chief credit officer at Stamford-based Patriot Bank is leaving.
JPMorgan Sued over Mexican Property Transfer
A Mexican real estate developer has filed a $1.2 billion lawsuit accusing JPMorgan Chase & Co. of fraudulently inducing it to transfer properties based on a false promise it would sell them.
Freddie Mac Weekly Mortgage Rates
After declining for two straight weeks, mortgage rates reversed direction this week and rose to their second highest level this year.
Saving Paper with Paper
With all of the expenses banks and credit union rack up just to cover the cost of doing business, it’s hard to consider paper as a huge driver.
