Banking and Lending
Inflation Is Nearly Back to 2 Percent. So Why Isn’t the Fed Ready to Cut Rates?
By Christopher Rugaber | The Associated Press | February 12, 2024 | Reprints | Unlock Link
From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. Central bankers? Not so much.
NYCB Tries to Reassure Investors, but Its Stock Falls Again
By Ken Sweet | The Associated Press | February 7, 2024 | Reprints | Unlock LinkShares of New York Community Bancorp fell another 10.5 percent Wednesday after the bank’s credit rating got downgraded to “junk” and investors worried the regional lender could suffer the same fate Silicon Valley Bank did last year.
JPMorgan Chase to Open Five CT Branches Over the Next Three Years
By Nika Cataldo | February 6, 2024 | Reprints | Unlock LinkJPMorgan Chase is set to open five branches in Connecticut over the next three years as a part of its greater nationwide expansion plan until 2027. Briana Curran, Chase’s vice president for US regional communications, said that the five branches will be in new...
In Interview, Powell Confirms Three Rate Cuts Likely
By Christopher Rugaber | The Associated Press | February 5, 2024 | Reprints | Unlock LinkThe Fed chair also reiterated that the central bank’s next meeting in March was likely too soon for a rate cut. Most economists think the first cut is likely to come in May or June.
CT Bank Executives Gear Up for 2024
By Nika Cataldo | February 1, 2024 | Reprints | Unlock LinkDeposits are stabilizing and interest rate cuts are in the offing. That could spell opportunity, local bankers say.
Powell: Fed On Track to Cut Rates, Though Not for Months
By Christopher Rugaber | The Associated Press | February 1, 2024 | Reprints | Unlock LinkInvestors and some economists had been holding out the possibility that the Fed might cut as early as its next meeting in March. That now appears off the table.
Federal Reserve Likely to Show Little Urgency to Cut Rates, Experts Say
By Christopher Rugaber | The Associated Press | January 31, 2024 | Reprints | Unlock LinkMost Fed watchers think the central bank’s first rate reduction will occur in May or June, not March as some Wall Street analysts and investors have predicted.
National Survey Finds Bank Execs Worried About CFPB Small Biz Data Rule
By Nika Cataldo | January 30, 2024 | Reprints | Unlock LinkSixteen percent said in a new survey that they may lower small business lending due to anticipated higher costs from the rule.
Inflation Has Slowed. Now the Fed Faces Expectations for Rate Cuts
By Christopher Rugaber | The Associated Press | January 30, 2024 | Reprints | Unlock LinkAn unexpectedly rosy economic picture may have left some Fed officials saddled by uncertainty. Yet they are expected to wait for at least a few months before they start reducing rates.
Biden Regulators Target Transaction-Declined Fees
By Ken Sweet | The Associated Press | January 26, 2024 | Reprints | Unlock LinkThe Biden administration proposed banning another type of bank “junk fee” on Wednesday, targeting fees that are typically charged by banks when a transaction is declined in real time.
Berkshire Bank Falls to Net Loss Over Securities Sale
By Nika Cataldo | January 25, 2024 | Reprints | Unlock LinkBerkshire Bank suffered a net loss on a securities sale during the fourth quarter of 2023, the bank reported, dragging it down to a net loss of $1.4 million compared to last quarter’s net profit of $19.5 million.
Former Boston Fed Head Cleared in Ethics Inquiry
By James Sanna | January 24, 2024 | Reprints | Unlock LinkFormer Federal Reserve Bank of Boston President Eric Rosengren did not violate any laws or ethics rules in 2020 stock trades but created the appearance of a conflict of interest, investigators said.
High Funds Costs Drag NBT’s Gains from Latest Merger
By Nika Cataldo | January 24, 2024 | Reprints | Unlock LinkNBT Bank saw its quarterly profits dragged down by higher funding costs as customers continue to seek higher-yield deposits, despite the bank’s gains in loans and deposits from its August acquisition of Salisbury Bank.
Webster Bank Q4 Profit Down on One-Time Charges
By Nika Cataldo | January 23, 2024 | Reprints | Unlock LinkStamford-based Webster Bank’s fourth-quarter net income declined due to the one-time charges from the FDIC special assessment restocking the nation’s deposit insurance fund, expenses on the merger with Sterling National Bank and securities repositioning.
NBT CEO to Step Down in May
By Nika Cataldo | January 23, 2024 | Reprints | Unlock LinkNorwich, New York-based NBT Bank, has announced its succession plan for the company and the bank, with the firm’s president and CEO stepping down on May 21.
Fannie Mae Predicts Mortgage Rates Below 6 Percent This Year
January 22, 2024 | Reprints | Unlock LinkEconomists at government-owned mortgage-buying giant Fannie May say they think residential mortgage rates might drop below 6 percent this year, sometimes seen as a critical horizon to get home sellers back on the market.
Bristol, Rocky Hill-Based Credit Unions to Merge
January 18, 2024 | Reprints | Unlock LinkNutmeg State Financial Credit Union, based in Rocky Hill, and First Bristol Federal Credit Union announced Thursday they plan to seek regulatory approval to merge their two institutions into a single, 48,000-member institution.
Top Fed Official Says Inflation Nearly Won, Rate Cuts Coming
By Christopher Rugaber | The Associated Press | January 18, 2024 | Reprints | Unlock LinkA top Federal Reserve official said this week that he is increasingly confident that inflation will continue falling, but provided few hints of the likely timetable for Fed rate cuts.
Overdraft Fees Could Drop to as Low as $3 Under Biden Proposal
By Ken Sweet and Cora Lewis | The Associated Press | January 17, 2024 | Reprints | Unlock LinkThe cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
With DEI Under Legal Attack, Companies Quietly Alter Programs
By Alexandra Olson, Haleluya Hadero and Anne D'Innocenzio | The Associated Press | January 16, 2024 | Reprints | Unlock LinkDiversity and inclusion experts say the legal backlash is already having a chilling effect over corporate efforts to address workplace inequality at a time when investment and interest in such initiatives have slowed following the post-Floyd surge.
