Banking and Lending
National Guard Joins Power Repair Efforts as Anger Mounts
By The Associated Press | August 10, 2020 | ReprintsThe Connecticut National Guard joined over 1,750 utility crews in Connecticut on Friday in efforts to clear trees and restore power to more than 82,000 homes and businesses still in the dark as of Monday, as frustration continued to grow over the pace of the response to Tropical Storm Isaias.
New Report Shows Role of Human Touch in Banking’s Future
August 10, 2020 | ReprintsChanges to the financial landscape and customer expectations over the next 10 years will provide banks with opportunities to maintain a human touch in a large ecosystem of products and services, according to new research from Forrester.
BankMobile Merger Will Form New Fintech
August 7, 2020 | Reprints | Unlock Link
BankMobile, which has an office in New Haven, offers a digital banking platform and is currently a subsidiary of Pennsylvania-based Customers Bank.
Federal Reserve Still Shooting for Real-Time Payments By 2023
By Diane McLaughlin | August 7, 2020 | Reprints | Unlock LinkThe Federal Reserve’s new real-time payments system will operate seven days a week, including holidays, but its launch date still hasn’t accelerated.
Capital One Fined $80M in Data Breach
By The Associated Press | August 7, 2020 | Reprints | Unlock LinkThe U.S. Treasury Department has fined Capital One $80 million for careless network security practices that enabled a hack that accessed the personal information of 106 million of the bank’s credit card holders.
Ellie Mae Sold to NYSE Owner
August 7, 2020 | Reprints | Unlock LinkEllie Mae, the biggest provider of cloud-based technology to the mortgage industry, is being sold to the company which owns the New York Stock Exchange.
Evidence Signals Many Jobs Aren’t Coming Back
By The Associated Press | August 6, 2020 | Reprints | Unlock LinkStark evidence of the damage the resurgent viral outbreak has caused the U.S. economy could come Friday when the government is expected to report that the pace of hiring has slowed significantly after a brief rebound in the spring.
Mortgage Credit Availability Up in July
August 6, 2020 | ReprintsMortgage credit availability increased in July according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association that analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool.
Mortgage Refinancing Drops Despite Record Low Rates
August 5, 2020 | Reprints | Unlock LinkDespite record low mortgage rates, refinance activity across the country dropped last week, according to the Mortgage Bankers Association’s latest survey.
Rhode Island Added to CT Quarantine List
By The Associated Press | August 5, 2020 | Reprints | Unlock LinkTravelers from Rhode Island have been added to the list of those who must quarantine while staying in New York, New Jersey and Connecticut as some Northeast states begin to see signs of rising infections.
Salisbury Bank On Par with Second Quarter Earnings
August 4, 2020 | Reprints | Unlock LinkLakeville-based Salisbury Bank had second quarter earnings on par with the same period last year despite a $1.8 million loan loss provision.
Branford Flex Portfolio Gets $9.6M for Recap
By Steve Adams | Commercial Record Staff | August 4, 2020 | Reprints | Unlock LinkA four-building flex and R&D portfolio in Branford has received $9.6 million in permanent financing for a recapitalization.
Essex Savings Bank Promotes Five
August 4, 2020 | Reprints | Unlock LinkEssex Savings Bank has promoted five employees.
Nearly 1 in 5 of CT’s Poorest Homeowners Did Not Make Mortgage Payment
July 31, 2020 | Reprints | Unlock LinkA new National Association of Realtors analysis of on U.S. Census Bureau data has found the COVID-19 pandemic is hurting homeowners with limited income the most, and many are opting to simply not pay their mortgages.
Berkshire Bank Writes Off $554M in Goodwill
By James Sanna | July 30, 2020 | Reprints | Unlock LinkWith most bank stocks trading much lower than pre-pandemic levels, Berkshire Bank announced in its second-quarter earnings statement that it had written off all goodwill on its books resulting from previous acquisitions.
Prominent Former Banker, Hartford Biz Leader Hit By Car Dies
By The Associated Press | July 30, 2020 | Reprints | Unlock LinkA two-time candidate for Connecticut governor and former leader of Hartford’s largest business group who was struck last week by a car while jogging in Pennsylvania has died.
Fed Sees Dim Economic Outlook as Virus Squeezes Economy
By The Associated Press | July 30, 2020 | Reprints | Unlock LinkFederal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring.
J.D. Power: Mortgage Servicers Need to Improve Customer Sat
July 30, 2020 | Reprints | Unlock LinkA combination of historically low interest rates, record high unemployment and rising delinquencies have created a surge in customer inquiries to mortgage servicers during the COVID-19 pandemic.
Building a Fintech to Help Retirees
By Diane McLaughlin | July 30, 2020 | Reprints | Unlock LinkSheryl O’Connor is three years into her latest move in her 30-year career as co-founder of WealthConductor, a retirement planning fintech that’s caught they eye of industry executives from Bank of New York Mellon, JPMorgan Chase, and others.
Employee Lawsuit Alleges Discrimination at People’s United
By Diane McLaughlin | July 29, 2020 | Reprints | Unlock LinkA lawsuit against Bridgeport-based People’s United Bank accuses senior executives in the Massachusetts market of a wide range of discriminatory actions, including denying loan deals as a way to damage employees’ performance and affect their compensation.
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