Banking and Lending
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 Link
The 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.
Megabank Profits Mostly Fall in Q4 Amid Upbeat CEO Messaging
By Ken Sweet | The Associated Press | January 12, 2024 | Reprints | Unlock LinkThree of the nation’s biggest banks said Friday that their profits fell last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
S&P: U.S. Banks Will Still ‘Perform Well’ Amid Slow Economy
By Nika Cataldo | January 12, 2024 | Reprints | Unlock LinkS&P Global Ratings is expecting that American banks will still perform well this year and build capital as they face a slowed economy and tighter regulatory landscape in 2024.
From Housing to Energy to Food, US Inflation Picks Up
By Paul Wiseman | The Associated Press | January 11, 2024 | Reprints | Unlock LinkHigher energy and housing prices boosted overall U.S. inflation in December, a sign that the Federal Reserve’s drive to slow inflation to its 2 percent target will likely remain a bumpy one.
Northeast Has Nation’s Most Pessimistic Bankers
By Nika Cataldo | January 11, 2024 | Reprints | Unlock LinkCommunity banks in the Northeast are the most pessimistic about the economy of anywhere in the nation, according to a new survey.
PeoplesBank Hits $4B Assets, Plans to Open Two CT Branches
By Nika Cataldo | January 10, 2024 | Reprints | Unlock LinkPeoplesBank has made three major announcements to the start of the year: reaching the $4 billion mark in assets, executive changes and promotions in its top leadership team and plans to open two more branches in Connecticut.
Guilford Savings Bank CEO to Retire
January 9, 2024 | Reprints | Unlock LinkTimothy Geelan, the president and CEO of Guilford Savings Bank, is stepping down after 10 years on the job and a year of chairing the Connecticut Bankers Association.
Fed Minutes Show Now Clear Timeline on Rate Cuts
By Ken Sweet | The Associated Press | January 4, 2024 | Reprints | Unlock LinkFed officials concluded last month that inflationary pressures were easing, minutes from their most recent meeting say, but they also felt the economic outlook was uncertain enough that that further hikes were still “possible.’’
Stamford Bank Honors Locals with Award, Donations to Nonprofits
January 2, 2024 | Reprints | Unlock LinkStamford’s First County Bank announced its annual community service award, the Reyno A. Giallongo Community Legacy Award, was given to a local couple for their extensive volunteer work in the city.
All Bank Branches that Opened and Closed in Connecticut in 2023
By Nika Cataldo | December 29, 2023 | Reprints | Unlock LinkOnly one bank opened any new branches in the state this year, while several big brands moved to shutter physical locations.
J.D. Power: National Banks’ Deposits Vulnerable to Higher-Rate Offers
By Nika Cataldo | December 28, 2023 | Reprints | Unlock LinkCustomer satisfaction with national banks slightly improved this year, but a J.D. Power study found that depositors are attracted to higher interest rates at investment or wealth management and digital-only banks.
Americans Ramped Up Holiday Spending Despite Inflation, Anxiety
By Anne D'Innocenzio and Haleluya Hadera | The Associated Press | December 27, 2023 | Reprints | Unlock LinkHoliday sales rose this year and spending remained resilient during the shopping season even with Americans wrestling with higher prices in some areas and other financial worries, according to the latest measure.
Boston, NY Feds Upgrade Public Records Policies After Transparency Pressure
By Nika Cataldo | December 22, 2023 | Reprints | Unlock LinkThe Federal Reserve Banks of Boston and New York, and their 10 fellow regional Federal Reserve banks released a common public records policy this week following pressure from Congress to be more transparent.
Lamont Touts 2024 Tax Relief
By James Sanna | December 21, 2023 | Reprints | Unlock LinkSeveral tax cuts passed by legislators in the General Assembly earlier this year are set to go into effect in less than two weeks, and Gov. Ned Lamont wants to remind everyone about them.
Study Flags Big Value Declines at Mortgaged U.S. Office Properties
By Nika Cataldo | December 21, 2023 | Reprints | Unlock LinkA recent academic paper published by the National Bureau of Economic Research suggests that nearly half of all mortgages secured by American commercial office properties are in trouble, raising questions about financial risks at some of the nation’s banks.
Introducing the Winners of This Year’s CR’s Best
December 21, 2023 | ReprintsWinners in our annual reader’s choice poll aren’t determined by who conducts the most business, who has the most revenue or serves the most customers. Instead, it measures the loyalty and satisfaction our readers have with vendors in the real estate and banking fields.
How the Economy Surprised Everyone in 2023, By the Numbers
By Stan Choe and Alex Veiga | The Associated Press | December 20, 2023 | Reprints | Unlock LinkIn a year full of big numbers, with strong gains for stocks and even more fantastic flights for crypto, it was one shrinking number that superseded all.
Webster Unlocks Fresh Medical-Related Deposit Source via Acquisition
By Nika Cataldo | December 19, 2023 | Reprints | Unlock LinkWebster Bank has acquired medical funds custodian Ametros Financial Corp. for $350 million in cash, which will give the bank access to a source of low-cost and long-duration deposits.
Two CT Banks Make Big Donations
December 15, 2023 | Reprints | Unlock LinkA pair of Connecticut banks announced big donations to their communities totaling nearly $90,000 this week.
