Federal Reserve Likely to Show Little Urgency to Cut Rates, Experts Say
Most 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
Sixteen 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
An 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
The 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
Berkshire 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
Former 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
NBT 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
Stamford-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
Norwich, 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
Economists 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
Nutmeg 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
A 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
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
Diversity 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
Three 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
S&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
Higher 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
Community 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
PeoplesBank 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
Timothy 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.
