A bill that Connecticut’s attorney general said would give his office authority to investigate possible violations of consumer laws, including at banks like Buffalo-based M&T Bank, has moved forward in the state legislature. But some committee members want more input from Connecticut’s banking commissioner on the bill.
While deposits decreased nationwide, Connecticut-based banks saw deposit growth in the last half of 2022, according to FDIC data.
At some point between May and July, the Federal Reserve plans to launch its real-time payments system FedNow, and EasCorp’s Cynthia Nelson wants credit unions to get ready.
Connecticut’s credit union consolidation continues in 2023 with two more mergers planned.
Older adults are more likely to see their mortgage applications rejected compared to applicants in other age groups, according to recent research, but the rejections might not point to lender discrimination.
Changing strategies have started to put pressure on staffing needs as financial institutions face down a possible recession and make pushes for new revenue sources.
Concerns about upcoming executive retirements and the need to recruit commercial lenders helped drive Salisbury Bank and Trust’s parent company to seek a merger.
While mortgage rate-lock volumes increased nationwide for the first time in nine months, volumes remained down compared to 2022.
Following its merger with New York-based Sterling National Bank to start 2022, Webster Bank ended the year with earnings of more than $600 million.
Berkshire Bank expects to see double digit loan growth despite economic uncertainties in the year ahead.
Connecticut’s rollout of retail recreational sales is giving banks and credit unions a growth opportunity at a time when demand for loans from other sectors is slowing down.
After two quarters with a positive outlook on their profits, more community bankers, particularly in the Northeast, expect bank profitability to decline, according to the Conference of State Bank Supervisors latest survey.
Jeffrey Tengel, People’s United Bank’s former president, has been named CEO of Rockland Trust Co., the second-largest bank based in Massachusetts.
While community banks and credit unions often point to customer relationships to distinguish themselves from large banks and fintech competitors, a recent study found that only about half of consumers said their bank or credit union tried to engage with them to understand their needs.
Connecticut’s credit union consolidation continues with three more deals in the works, including one involving the state’s smallest credit union.
While the number of U.S. Small Business Administration loans increased slightly in Connecticut, the total amount of lending fell during the most recent fiscal year.
While credit union membership has declined, Connecticut’s credit unions had one of the highest returns on average assets in the U.S., according to data released last week by the National Credit Union Administration.
American Eagle Financial Credit Union recently made donations to social service and pediatric care organizations.
