With bank stocks cratering Monday as investors in regional banks like First Republic Bank and now-defunct Silicon Valley Bank worry about what lender may be next to topple, some investors are calling for the Fed to make cuts to interest rates soon to stanch the bleeding.
Despite message of reassurance from the White House, investors continued to dump shares in bank stocks Monday morning. Shares of First Republic Bank plunged more than 70 percent even after the bank said it was accessing emergency funding from the Federal Reserve.
The FDIC seized the assets of Silicon Valley Bank Friday morning, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
Some banks that charged multiple nonsufficient funds fees on a single item plan to refund the fees to consumers, and most of these institutions supervised by the Consumer Financial Protection Bureau have decided to eliminate nonsufficient funds fees altogether, the CFPB said in a statement Wednesday.
New Canaan-based Bankwell Financial Group Inc. has added CBRE’s Jeffrey Dunne to its board of directors.
Federal Reserve Chairman Jerome Powell appeared to be trying to quell any assumption that the Fed has already decided to raise rates more aggressively based on a recent string of data that pointed to strong economic growth and still-high inflation.
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 the biggest news to come out of Fed Chair Jerome Powell’s regular testimony before Congress was his willingness to make aggressive interest rate hikes to cool the economy, he also revealed that the central bank is worried about American financial institutions’ work in the crypto space.
The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell said Tuesday in prepared testimony to a Senate panel.
Stamford-based Patriot Bank saw full-year 2022 earnings increase 20 percent, and the bank continues to evaluate its next strategic moves.
Naugatuck-based Ion Bank has hired Silvi Sboui as vice president and cash management sales officer.
While deposits decreased nationwide, Connecticut-based banks saw deposit growth in the last half of 2022, according to FDIC data.
Saying it needs to modernize the way it values properties, Fannie Mae announced significant changes yesterday to the appraisal process for single-family mortgages it buys on the secondary market.
The average long-term U.S. mortgage rate hit a three-month high this week, reflecting higher Treasury yields and expectations that the Federal Reserve will continue to raise its benchmark rate and keep it there until inflation recedes.
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.
Purchase mortgage applications for the second straight week reached the lowest level since 1995 amid rising interest rates, according to the Mortgage Bankers Association.
Connecticut’s credit union consolidation continues in 2023 with two more mergers planned.
Thomaston Savings Bank employees raised nearly $22,000 in 2022 through an initiative that lets employees wear jeans on Friday.
A majority of the nation’s business economists expect a U.S. recession to begin later this year than they had previously forecast, after a series of reports have pointed to a surprisingly resilient economy despite steadily higher interest rates.
Jewett City Savings Bank has promoted four employees, including two on its senior management team.
