OpenAI Exec Warns of AI Voice Fraud Crisis in Banking
The financial industry faces a “significant impending fraud crisis” because of the technology’s ability to bypass security checks and move money, Sam Altman said.
More Americans Shift Money from Savings to Investment Accounts, Study Says
New research identifies a trend that helps to explain the resilience of the U.S. economy after a bout of high inflation and recent uncertainty due to tariffs.
Employees Say Consumer Watchdog Now Toothless
CFPB employees say they have been forbidden from doing any work by directive from the White House. Some bankers had accused the agency of overreach.
A CFO Looking for Opportunity in an Uncertain Time
Jeffrey Culp, the first occupant of Liberty Bank’s new deputy CFO role, is looking for avenues where the bank can scale upwards despite the uncertainty currently buffeting the U.S. economy.
The Tariff-Driven Inflation that Economists Feared Begins to Emerge
Inflation rose last month to its highest level since February as President Donald Trump’s sweeping tariffs push up the cost of everything from groceries and clothes to furniture and appliances.
Finex Credit Union Lures Mass. Banker to Be New CEO
A longtime senior executive at a major Boston-area bank is decamping to East Hartford for his next career move.
JPMorgan Posts Strong Second Quarter Amid Tariff Warning
CEO Jamie Dimon noted that plenty of risks to the U.S. economy remain, including trade uncertainty, geopolitical conflicts and federal government deficits.
As Trump Ramps Up Attacks, Fed Chair Refuses to Change Course
Federal Reserve Chair Jerome Powell on Tuesday stuck to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump’s tariffs effect the economy, despite the steady stream of criticism from the White House, which wants lower borrowing costs.
Two Small CT CUs OK’d to Merge
Skyline Financial Federal Credit Union and Curtis Federal Credit Union announced the successful completion of their merger, effective June 30.
Webster Bank Names New Chief Risk Officer
Stamford-based Webster Bank announced a new chief risk officer to replace retiring CRO Daniel Bley.
Gloomy Americans Cut Back on Spending as Inflation Ticks Higher
A key inflation gauge moved higher in May in the latest sign that prices remain stubbornly elevated while Americans also cut back on their spending last month.
Fannie, Freddie Ordered to Consider Crypto as Asset When Underwriting Mortgages
The head of the federal government agency that oversees Fannie Mae and Freddie Mac wants the mortgage giants to consider accepting a homebuyer’s cryptocurrency holdings in their criteria for buying mortgages from banks.
Americans Sour on U.S. Economy – and Tariff Anxiety Remains Top Culprit
Americans’ view of the U.S. economy worsened in June, resuming a downward slide that had dragged consumer confidence to its lowest level since the COVID-19 pandemic five years ago.
First County Bank Names Two New Corporators
Stamford-based First County Bank welcomed two new corporators to its board earlier this week.
Fairfield County Bank Donates $5K to CCSU Banking Excellence Program
Fairfield County Bank has partnered with Central Connecticut State University (CCSU) and provided a $5,000 donation for the recently announced Banking Excellence Program partnership.
Ellafi Goes All In for Women
While looking for a niche and need to fill, the former Seasons FCU zeroed in on a historically underserved population – women. Market research and survey responses made it clear that while women are often in charge of finances and financial decisions, they aren’t comfortable with the responsibility. And thus was born Ellafi FCU, with a mission to create economic resilience and empower women to achieve financial independence.
Investor Selling Activity Stays Flat in New England
While investors aren’t purchasing as many single-family homes compared to prior years, they are selling more of these properties.
HELOC Lending Increases in Hartford in Q1
HELOC lending increased 14 percent in the first quarter of the year in the greater Hartford region.
Fed Lifts Restrictions on Wells Fargo’s Growth Seven Years After Fake-Accounts Scandal
The bank operates around two dozen branches in Connecticut, and has $8.17 billion worth of in-state deposits.
PeoplesBank Acquires Naming Rights to Hartford Arena
PeoplesBank has continued to invest in marketing for its Connecticut expansion by acquiring the naming rights to what was formerly the XL Center.
