Thompson Nominated to Permanently Lead FHFA
After holding the job as acting director since June, Sandra L. Thompson has been nominated to become the Federal Housing Finance Agency’s permanent director.
CFPB Exams Find Fair Lending, Mortgage Servicing Violations
Some mortgage lenders have violated fair housing laws by discriminating against African Americans and women when granting pricing exceptions, according to a report from the Consumer Financial Protection Bureau.
Regulators at Odds Over Bank Merger Regs Review
A request seeking public comments about bank mergers that one government agency said had been approved by the Federal Deposit Insurance Corp. has come under dispute after the FDIC said the request had not been approved.
Conforming Limit Hikes Will Open Doors in Market, Lenders Say
With the surge in homebuying amid a limited housing supply continuing to drive up sale prices during the pandemic, lenders and borrowers could see opportunities open up next year for larger mortgages.
FinCEN Proposal Would Crack Down on All-Cash Real Estate Deals
In a move that the Financial Crimes Enforcement Network said would help combat money laundering in real estate, the federal agency plans to expand the Bank Secrecy Act to require information about the individuals behind all-cash real estate transactions.
Connecticut Bank Earnings Continue to Climb
While the economic effects of the Omicron variant remain to be seen, improving economic conditions during the first nine months of 2021 helped drive Connecticut bank earnings close to pre-pandemic levels.
Stakeholders Emphasize DEI in Boston Fed President Search
The committee tasked with finding a new president for the Boston Federal Reserve Bank has made slight adjustments to the job description, including expanding its emphasis on a leader who will champion diversity, equity and inclusion.
CFPB: Two-Thirds of Bank Fees from Overdrafts
Banks earned an estimated $15 billion from overdraft fees in 2019, and smaller institutions brought in almost as much income per account as large banks, according to research from the Consumer Financial Protection Bureau.
Community Bank Tackles Student Debt
The student loan problem is enormous: $1.7 trillion in debt, almost 45 million borrowers with loans to repay, about 10 percent of borrowers delinquent or in default even before the pandemic started. As president and CEO of The Milford Bank, Susan Shields saw an opportunity to help.
Conforming Loan Limit to Jump 18 Percent in Most CT Counties
The maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac will increase by 18 percent in 2022.
Controversial Bank Reporting Bill Left Out of House Bill
The budget reconciliation bill passed Friday by the U.S. House of Representatives does not include the controversial proposal to have banks and credit unions report account information to help fund the programs supported by the bill. The reporting proposal, which...
CT Bankers Slam Biden OCC Nominee
Citing a proposal they described as “anathema to community banks,” the Connecticut Bankers Association and 40 other state banking trade groups have signed a joint letter opposing law professor Saule Omarova’s nomination to lead the Office of the Comptroller of the Currency.
Purchase Activity Strong in 2021
After mortgage lenders saw volumes near or above record levels in 2020, historically low interest rates continued for much of the spring and summer this year, driving up both refinance and purchase activity.
Patriot Bank Expects Tech to Drive Cost Efficiencies After Merger
After Patriot Bank and American Challenger Development Corp. combine in a reverse subsidiary merger that is expected to close next year, Patriot will convert to the technology platform that American Challenger has been building for its digital bank.
Patriot Bank to Acquire American Challenger
The parent company of Stamford-based Patriot Bank has agreed to acquire American Challenger Development Corp. in a reverse subsidiary merger.
Regulators End COVID-Related Relief for Mortgage Servicers
More than 18 months after financial regulators said they would not take action against mortgage servicers for failing to meet certain timing requirements when working with borrowers, this COVID-related regulatory relief has ended.
Should Lenders Fear Redlining Enforcement?
Citing the growing wealth gap for people of color and claims of ongoing housing discrimination nationwide, the U.S. Department of Justice last month announced a new initiative targeting “modern-day redlining” by residential mortgage lenders.
Massachusetts Bank Enters CT Wealth Market With People’s Hires
A Massachusetts-based bank plans to expand its wealth management business into Southern Connecticut as the bank brings on five new employees from People’s United Bank, a sign of the type of move banks might make amid the disruption resulting from this year’s mergers and acquisitions.
Freddie Mac Looks to Improve Credit Scores with Rental Payments
In an effort to help renters build credit, Freddie Mac has launched an initiative that will encourage operators of multi-family properties to report on-time rental payments to credit bureaus.
Prepaid Debit Card Program Helps Drive Patriot Bank’s Earnings
A prepaid debit card program that Patriot Bank acquired last year has helped drive the Stamford-based bank’s performance in 2021.
