First Mutual Bank in 50 Years Soon to Open in New England
The U.S. will soon see a new mutual bank launch for the first time in nearly 50 years now that bank regulators have approved a New Hampshire-based de novo bank.
SBA Criticized for Not Collecting on Smaller PPP Loans
While the U.S. Small Business Association defended its decision not to collect on small Paycheck Protection Program loans that have defaulted, the agency did agree to assess the costs of its program following criticism of its decision.
Survey: Net Interest Margin, Cybersecurity Among Community Bank Concerns
Economic conditions, net interest margins and cybersecurity rank among community bankers’ top concerns this year, according to the Conference of State Bank Supervisors annual national survey.
Survey: Margins, Cybersecurity Among Bankers’ Top Concerns
The newest Conference of State Banking Supervisors’ survey shows the stagnating economy is weighing on community bankers’ minds.
Ranked: How CRE Is Helping CT Lenders
For many of the state’s lenders, commercial real estate is providing a significant source for income, especially as residential loan demand has softened. We’ve ranked how it helped them grow.
Boston Fed President Expects Unemployment Rate to Rise
Boston Federal Reserve President Susan M. Collins expects a “somewhat higher unemployment rate” as the Federal Reserve continues its steps to bring down inflation. In her first public speech since becoming the Boston Fed president on July 1, Collins said the Fed’s...
CT Credit Unions Continue to See Membership Decline
While most Connecticut credit unions had positive net income in the first half of 2022, the state’s credit unions continued to lose members at a higher rate than most other states, according to data released last week by the National Credit Union Administration.
FDIC Data Shows Loss in Former People’s United Deposit Share
While the total deposits at Connecticut banks remained steady during the 12-month period ending in June, FDIC data shows that the share of deposits once held by People’s United Bank has declined.
HELOCs Step into Gap Left by Refis
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
Fewer CT Banks Report Postitive Earnings
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.
Turning Luck in Credit Unions’ Favor
For Bruce Adams, president and CEO of the Credit Union League of Connecticut, people who win the lottery experience as much of a financial shock as someone who just lost a job. These lottery winners can now turn to the state’s credit union industry for guidance on how to manage their winnings.
Savings Bank of Danbury Hires Commercial Team Lead for Norwalk
The Savings Bank of Danbury has hired Chad Stewart as first vice president and commercial team leader for the Southern Connecticut region. In his new role, Stewart will lead a team of commercial lenders building the deposit and loan portfolio for the Stamford and...
Rojeski to Retire from Patriot Bank
Karen Rojeski, Patriot Bank’s chief credit officer, plans to retire next month after joining the bank last year.
Trade Groups Say CFPB Not Authorized to Regulate Customer Service
The Consumer Financial Protection Bureau’s initiative to improve customer service at large banks and credit unions relies on a law that banking trade groups argue does not authorize the agency to regulate customer service. A joint letter from the American Bankers...
FDIC: Multiple NSF Fees Could Be Illegal
Banks that charge multiple nonsufficient fund fees on a single item could be violating consumer laws, according to the FDIC.
Tug-of-War Brews Over CRA Reforms
After a yearslong and often controversial effort by federal regulators to update the Community Reinvestment Act, banks could have just one year before they have to start complying with new CRA rules once the proposed changes to the law become final.
FDIC to Increase CRE Lending Scrutiny
With banks holding record volumes of commercial real estate loans, the FDIC plans to increase its focus on CRE transaction testing during its next cycle of bank examinations.
Patriot Bank Continues Discussions With American Challenger
The parent company of Patriot Bank continues to discuss a possible deal with American Challenger Development Corp. weeks after the two Stamford-based companies called off their merger.
Rocket Mortgage to Provide Loans to Santander Customers
After discontinuing mortgage lending earlier this year, Santander Bank has formed a partnership with Rocket Mortgage to provide home loans for the bank’s customers.
Scient Federal Credit Union Completes NLMECU Merger
Groton-based Scient Federal Credit Union and New London Municipal Employees Credit Union have completed their merger.
