Banking and Lending
The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.
A green energy microgrid developed through the Connecticut Green Bank’s program for commercial properties has launched, providing power to four community facilities at the Daughters of Mary of the Immaculate Conception’s New Britain campus.
Connecticut’s attorney general says he’s “outraged” at the problems M&T Bank customers encountered when the bank merged its systems and those of newly-acquired People’s United Bank last week.
Average long-term U.S. mortgage rates climbed even higher this week, threatening to sideline even more homebuyers from a rapidly cooling housing market.
Homeowners have seen the equity in their homes reach historic levels this year, but rising interest rates have put a serious dent in cash-out refinance volumes
Wells Fargo & Co. plans to commission an external, third-party racial equity audit that the bank said would focus on the the communities it serves and its workforce.
Providence-based Citizens Financial Group Inc. plans to acquire an online college planning platform that the bank said would strengthen its ability to advise prospective college students.
Avon-based Norcom Mortgage has hired Mark Allen as senior vice president and market manager.
Berkshire Bank’s chief compliance officer plans to leave the bank at the end of the month, and her replacement will come from within the bank.
U.S. inflation slowed for a second straight month on a sharp fall in gas prices, yet excluding energy most other items got more expensive in August.
About one-quarter of Connecticut-based banks reported earnings gains in the second quarter after almost all of the state’s banks had seen positive earnings at the same time last year, according to FDIC data.
A study of 17.5 million users on the home listings portal Redfin paints a concerning picture for home sellers in flood-prone areas.
KeyBank has hired Lee C. Foo as regional cash management advisor for the Connecticut market.
Sparks flew when New Canaan’s Greg Schwartz, founder and CEO of the Tomo Network mortgage company, and New Haven Mayor Justin Elicker debated rich suburbs’ exclusionary zoning.
The last time the Federal Reserve faced inflation this high, in the early 1980s, it jacked up interest rates to double-digit levels – and in the process caused a deep recession. Fed Chair Jerome Powell doesn’t think that will be necessary this time.
Average long-term U.S. mortgage rates jumped again this week, hitting the highest levels in almost 14 years and pushing even more would-be buyers out of the market.
The Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period, a top Fed official said Wednesday.
A new poll commissioned by a trade group for community banks finds a large majority of voters think businesses in the marijuana industry should be able to access banking services in states where marijuana is legal.
Four Georgia men have been sentenced to prison for taking part in a scheme to recruit homeless people to cash counterfeit business checks at banks in Connecticut and other New England states.
Hackers stole personal data including Social Security numbers, addresses and account numbers of home mortgage holders at KeyBank, the bank reports, in the breach of a third-party vendor that serves multiple corporate clients.