Banking and Lending
The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
Inflation gradually loosened its grip on Wall Street and the economy in 2023, raising hopes for a gentler Federal Reserve and solid gains for the market next year.
Massachusetts-based Nanoramic Laboratories plans to build an electric car battery factory in Bridgeport that will employ around 200 people, but it’s unclear just where the new development will rise from the ground.
Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said in a speech Friday.
Around 4,614 banks insured by the Federal Deposit Insurance Corp. across America saw a decline in their aggregate net income in the third quarter versus the prior quarter due to lower non-interest income and higher losses on securities.
A key Federal Reserve official raised the possibility Tuesday that the Fed could decide to cut its benchmark interest rate as early as spring if inflation keeps declining steadily.
More small business owners in Connecticut were able to get loans backed by the U.S. Small Business Administration (SBA) in 2023, increasing by 13 percent compared to last year.
KeyBank is embracing remote work for some non-branch staff in New Haven and plans to move out of space in an office tower in that city by the end of the year.
JPMorgan Chase is reorganizing its branch network in Greenwich, closing a total of three branches while opening three other branches.
Federal Reserve officials concluded earlier this month that inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2 percent target, according to the minutes of their meeting released Tuesday.
A quarterly report released by the Mortgage Bankers Association earlier this month shows that, nationwide, commercial real estate and multifamily loan originations were down 49 percent by volume year-over-year across the country during the late summer and fall.
With average 30-year mortgage rates reaching 7.79 percent in October – the highest level since 2000 – lenders were forced to get creative financing homes, leading to high customer satisfaction in 2023.
The U.S. economy has repeatedly defied predictions of a coming recession. Yet according to a raft of polls and surveys, most Americans hold a glum view of the economy. One reason? No disinflation,
“No one statistic can adequately characterize the labor market, since aggregate numbers do not show the wide range of experiences across people, sectors and places,” Susan Collins said.
Rhode Island-based bank Citizens is exiting the wholesale mortgage lending business, five months after exiting the indirect auto lending business, as well.
Gov. Ned Lamont’s office announced that the state’s chief innovation officer, tech investor Daniel O’Keefe, will take over as commissioner of the Connecticut Department of Economic and Community Development.
Federal Reserve Chair Jerome Powell suggested Thursday that the Fed is in no hurry to further raise its benchmark interest rate, given evidence that inflation pressures are continuing to ease at a gradual pace.
Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday.
Rhode Island-based Citizens recently launched a pair of payment and invoicing products aimed at meeting what it believes are in-demand services for the region’s small businesses.
Essex Savings Bank announced $125,000 in recent donations to local nonprofits.