CEO Russell to Resign From Patriot Bank
Patriot Bank President and CEO Robert Russell Jr. plans to resign next month “to pursue another career opportunity,” the bank said in a statement yesterday.
CT’s Top Lenders Grabbed Market Share in Tough Year
As mortgage rates drove down refinance activity last year, some of the state’s top lenders saw their long-term strategies bear fruit as they competed for a limited number of homebuyers still in the market.
Webster Bank Names Head of Business Banking
Stamford-based Webster Bank has promoted Kathleen Stanley to the role of executive managing director and head of business banking.
Bank Rules Under Review in Wake of SVB Failure
Michael Barr, the nation’s top banking regulator, said during a Senate Banking Committee hearing that the Fed is considering whether stronger bank rules are needed to prevent a similar failure in the future.
Most CT Credit Unions Saw Positive Earnings in 2022
More than 80 percent of Connecticut’s credit unions had positive net income in 2022, and a majority had double-digit loan growth last year, according to data released this month by the National Credit Union Administration.
Fannie Mae: Banking Crisis Could Spark Recession
Fannie Mae’s economic forecasters say the bank runs of the last few weeks could be the trigger that tips the country into a recession as banks tighten commercial lending standards and consumer confidence worsens.
Fed’s Barr: SVB Execs Main Cause of Bank’s Failure
The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
Bank Failures and Rescue Test Yellen’s Decades of Experience
Working against the clock to stop a developing banking crisis, Treasury Secretary Janet Yellen had until sunset on Sunday, March 12, to come up with a plan to calm the U.S. economy.
Fed’s Unwanted Ally in Bid to Tame Inflation: Credit Crunch
The Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: a cutback in bank lending.
AP Poll: Americans’ Faith in Banks Low After Failures
Only 10 percent of U.S. adults say they have high confidence in the nation’s banks and other financial institutions in the wake of Silicon Valley Bank’s collapse.
Fed Signals Rate Hikes Could Be Near End
The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.
Fed Faces Blurrier Economic Outlook as It Weighs Rate Hike
The Federal Reserve is grappling with a hazier economic picture clouded by turmoil in the banking industry and still-high inflation just as it meets to decide whether to keep raising interest rates or declare a pause.
Yellen Says Bank Situation ‘Stabilizing,’ System Is ‘Sound’
Treasury Secretary Janet Yellen is trying to project calm after regional bank failures, saying the U.S. banking system is “sound” but additional rescue arrangements “could be warranted” if any new failures at smaller institutions pose a risk to financial stability.
Anger in Congress on Bank Failures, but Division on What to Do
While President Joe Biden called Monday on Congress to strengthen the rules for banks to prevent future failures, lawmakers are divided on whether any legislation is needed. And some congressional leaders are skeptical that a closely divided Congress will act at all.
New York Community Bank to Buy Failed Signature Bank
New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the FDIC said late Sunday.
Megabanks Ink $30B Rescue Plan for First Republic
Eleven of the biggest U.S. banks Thursday announced a $30 billion rescue package for First Republic Bank in an effort to prevent it from becoming the third to fail in less than a week and head off a broader banking crisis.
Banks, Experts Look for Ways to Prevent Next Crisis
None of the warning signs before Silicon Valley Bank’s collapse were secret. Yet bank supervisors at the Federal Reserve Bank of San Francisco and the state of California did nothing as the bank rolled over the cliff.
FedNow Payments System to Launch in July
The FedNow Service, the Federal Reserve’s real-time payments platform, will launch in July.
Banks, Cores Increasingly at Odds Over Service
Banks are becoming less and less satisfied with the vendors providing their core banking technology, but few are looking to switch providers. The share of banks reporting satisfaction with their core technology provider fell 12 percentage points in two years according...Fed Criticized for Missing SVB Red Flags
The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history.
