Banking and Lending
A Massachusetts-based bank plans to expand its wealth management business into Southern Connecticut as the bank brings on five new employees from People’s United Bank, a sign of the type of move banks might make amid the disruption resulting from this year’s mergers and acquisitions.
Jewett City Savings Bank has hired Mark Light as vice president and senior commercial loan officer.
The Connecticut Housing Finance Authority has hired Lisa Hensley to lead the agency’s homeownership programs.
Connecticut Gov. Ned Lamont said Monday he has filed the necessary paperwork to begin the process of possibly running for a second term in the 2022 election.
The share of Fannie Mae and Freddie Mac loans in forbearance has reached the lowest level since the start of the pandemic, according to the Mortgage Bankers Association, but an increase in the number of borrowers exiting forbearance into loan modifications points to ongoing struggles in the recovery from the pandemic.
Randal Quarles announced Monday that he will resign from the Federal Reserve’s Board of Governors at the end of the year after completing a four-year term as its top bank regulator, opening up another vacancy on the Fed’s influential board for President Joe Biden to fill.
Santander Bank has launched a new feature that the bank said would eliminate fees for nearly one-third of customers who overdraw their accounts.
In an effort to help renters build credit, Freddie Mac has launched an initiative that will encourage operators of multi-family properties to report on-time rental payments to credit bureaus.
America’s employers boosted their hiring last month, adding a solid 531,000 jobs, the most since July and a sign that the recovery from the pandemic recession is overcoming a virus-induced slowdown.
Observers say mortgage interest rates will likely rise in the latter half of next year following the Federal Reserve’s announcement that it would begin to taper a massive bond-buying program it started to prop up the economy in the early stages of the COVID-19 pandemic last year.
Companies that provide background screening services for rental properties could be subject to greater scrutiny as federal agencies take actions to eliminate a name-matching practice that the Consumer Financial Protection Bureau said has undermined the housing market recovery.
A prepaid debit card program that Patriot Bank acquired last year has helped drive the Stamford-based bank’s performance in 2021.
New Canaan-based Bankwell had record earnings for the second straight quarter as the bank saw net loan growth of $92 million during the quarter.
The Biden administration is calling on Congress to pass legislation that would strengthen government regulation of stablecoins, a form of cryptocurrency that has soared in popularity in the past year.
The Milford Bank has partnered with financial technology firm FutureFuel.io to offer a platform that helps customers manage student debt.
The conference that has been billed as the last chance to prevent catastrophic global warming kicked off today with dark prophesies from world leaders.
Savings Bank of Danbury plans to construct a new 35,000-square-foot office building in Danbury for its back-office operations team.
President Joe Biden said he and Democrats in Congress reached a “historic” framework for his sweeping domestic policy package. But he still needs to lock down votes from key colleagues for what’s now a dramatically scaled-back bill.
Connecticut will continue to participate in the Federal Reserve Bank of Boston’s community development initiative that tackles issues ranging from inadequate child care to unemployment.
In what could be its final full quarter before the merger with M&T Bank, Bridgeport-based People’s United Bank saw third quarter earnings decline slightly compared to the same quarter last year.