Banking and Lending
Industry Figures React to Week of Upheaval Over Minneapolis Killing
By James Sanna | June 2, 2020 | ReprintsIn 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.
Comptroller Concerned about Face Mask Policies
By Diane McLaughlin | June 2, 2020 | Reprints | Unlock Link
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.
Northeast Banks’ Credit Quality Trends with Peers Despite Pandemic
By Diane McLaughlin | May 29, 2020 | Reprints | Unlock LinkA 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.
Free Mobile Coronavirus Testing Launches in Hartford Area
By The Associated Press | May 29, 2020 | Reprints | Unlock LinkExpanded 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.
House OKs Extension of PPP Loan Deadline
By The Associated Press | May 29, 2020 | Reprints | Unlock LinkThe 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.
Consumer Spending Sinks by Record in Face of Virus
By The Associated Press | May 29, 2020 | Reprints | Unlock LinkU.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.
Fed Releases Main Street Lending Forms
By Diane McLaughlin | May 28, 2020 | Reprints | Unlock LinkThe 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.
Fed Survey Shows Tenants Seeking Shorter Lease Renewals
May 28, 2020 | Reprints | Unlock LinkCommercial 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.
Nearly 270K CT Residents Could Miss Housing Payments Without Aid
May 28, 2020 | Reprints | Unlock LinkConnecticut 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.
41M Have Lost Jobs Since Virus Hit, but Layoffs Slow
By The Associated Press | May 28, 2020 | Reprints | Unlock LinkIn 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.
Originators Balanced Refi Boom with Purchase Market
By Diane McLaughlin | May 28, 2020 | Reprints | Unlock LinkWith mortgage interest rates at historic lows, loan originators in 2019 experienced a months-long refinancing boom that has continued amid the coronavirus crisis.
Purchase Mortgage Apps Rise Again
May 27, 2020 | Reprints | Unlock LinkIn 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.
Share of Mortgage Loans in Forbearance Increases to 8.36 Percent
May 27, 2020 | Reprints | Unlock LinkAccording to Mortgage Bankers Association’s estimate, 4.2 million homeowners are now in forbearance plans.
SBA Releases Loan Forgiveness Guidelines for Lenders
By Diane McLaughlin | May 26, 2020 | Reprints | Unlock LinkAlmost two months after the Paycheck Protection Program launched, lenders finally have details about their role in forgiving the loans.
Congress Weighs Choice: ‘Go Big’ on Virus Aid or Hit ‘Pause’
By The Associated Press | May 26, 2020 | Reprints | Unlock LinkWith more than 38 million unemployment claims, the Republican response centers on kick-starting the economy to reduce the need for more federal intervention.
OCC Head Otting to Step Down Next Week
By Diane McLaughlin | May 22, 2020 | Reprints | Unlock LinkA 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.
CT Unemployment Claims Up 26K
May 21, 2020 | Reprints | Unlock LinkAnother 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.
Boston Fed Chief: Fed’s New Loan Program Could Aid a Slow Recovery
By The Associated Press | May 21, 2020 | Reprints | Unlock LinkThe 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.
OCC Releases Final CRA Rule Without FDIC Support
By Diane McLaughlin | May 20, 2020 | Reprints | Unlock LinkFive 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 Apps Close in on 2019 Levels
May 20, 2020 | Reprints | Unlock LinkPurchase 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.
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