Banking and Lending
Fed Officials Now Expect Slower Pace of Rate Cuts Ahead
By Christopher Rugaber | The Associated Press | January 9, 2025 | Reprints | Unlock LinkFederal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs and other potential policy changes.
Top Fed Bank Regulator Barr, Under Fire from GOP, to Resign
By Christopher Rugaber | The Associated Press | January 6, 2025 | Reprints | Unlock LinkThe Federal Reserve’s top financial regulator said Monday that he would resign next month, avoiding a potential confrontation with the incoming Trump administration and Republicans in the Senate.
Guggenheim Partners Relocates from Darien to Stamford
By James Sanna | January 3, 2025 | Reprints | Unlock LinkGuggenheim Partners is moving to a prominent downtown Stamford office building.
Michigan Mortgage Lender Hit with $50K Fine by CT Regulator
By James Sanna | January 3, 2025 | Reprints | Unlock LinkA Michigan mortgage lender paid a $50,000 fine to the Connecticut Department of Banking and has agreed to stop doing business in the state after breaking state lending laws.
Survey: Small Biz More Optimistic About Economy After Election
By Mae Anderson | The Associated Press | December 24, 2024 | Reprints | Unlock LinkA recent survey shows small business owners are feeling more optimistic about the economy following the election.
Ex-Webster Bank General Counsel Guilty in $7.4M Scheme
By James Sanna | December 23, 2024 | Reprints | Unlock LinkThe former general counsel of Stamford-based Webster Bank pleaded guilty in federal court Friday to charges he embezzled millions of dollars from several banks in Connecticut and New York.
J.D. Power: Trust in Megabanks Rises, Challenging Smaller Competitors
By Sam Minton | December 20, 2024 | Reprints | Unlock LinkAmerican bank customers’ trust in national banks has grown, providing yet another challenge for local and regional banks looking to acquire new customers and deposits.
Why the Fed Expects Fewer Rate Cuts Next Year
By Christopher Rugaber | The Associated Press | December 19, 2024 | Reprints | Unlock LinkAs expected, the central bank made a quarter-point cut in its benchmark interest rate Wednesday, but signaled fewer cuts in 2025 than previously predicted.
Fed Now Likely to Slow Rate Cut Pace in 2025
By Christopher Rugaber | The Associated Press | December 17, 2024 | Reprints | Unlock LinkAmericans hoping for lower borrowing costs for homes and investments may be disappointed after this week’s Federal Reserve meeting.
Berkshire Bank Plans $1.1B Merger with Boston-Area Bank
By Sam Minton | December 16, 2024 | Reprints | Unlock LinkAccording to a securities filing, the holding companies of Berkshire Bank and a Massachusetts multi-bank holding company are planning to join forces in a merger of equals.
One Mortgage Banker’s Plan to Fix the Housing Crisis
By Lew Sichelman | December 13, 2024 | Reprints | Unlock LinkTo Mark Milam, a mortgage banker and loan originator in Atlanta, many current proposals are like “swallowing an aspirin next year for a headache you have now.”
A Step Towards Being a Statewide Bank
By Sam Minton | December 13, 2024 | Reprints | Unlock LinkGuilford Savings Bank and Eastern Connecticut Savings Bank are set to merge in the second quarter of next year. With incoming CEO Kyle Eagleson at the helm, it’s intended to be GSB’s first step in an eventual statewide expansion.
Connecticut Among Highest Foreclosure Rates in Nation
By Sam Minton | December 12, 2024 | Reprints | Unlock LinkConnecticut has some of the highest foreclosure rates in the nation, according to a new report from real estate data firm ATTOM.
Overdraft Fee Rule Finalized, But Future Uncertain
By Cora Lewis | The Associated Press | December 12, 2024 | Reprints | Unlock LinkPresident Joe Biden had called the fees, which can be as high as $35, “exploitative,” while the banking industry has lobbied extensively to keep the existing fee structures in place.
Mortgage Refi Activity Flat Amid Rate Drops
By Sam Minton | December 11, 2024 | Reprints | Unlock LinkAmid rate drops in the fall, mortgage refinance activity in Connecticut stayed flat despite notable jumps nationwide.
Jewett City Savings Gives $40K to First Responders
December 10, 2024 | Reprints | Unlock LinkJewett City Savings Bank announced its latest round of grants to Eastern Connecticut emergency services units. The bank gave $40,000 to several dozen fire and EMS departments or volunteer companies, it said. “Our first responders dedicate their time and put their...
Top Fed Official Says December Rate Cut Depends on Data
By Christopher Rugaber | The Associated Press | December 4, 2024 | Reprints | Unlock LinkA top Federal Reserve official said Monday that he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view.
Key Bank Promotes Wealth Advisor to Key Family Wealth Division
By Sam Minton | December 3, 2024 | Reprints | Unlock LinkKey Bank has promoted John M. Jezowski to the expanded role of senior family wealth strategist for the New England region.
Guilford Savings and Eastern Connecticut Savings Announce Merger
By Sam Minton | December 2, 2024 | Reprints | Unlock LinkThe merger was approved unanimously by both boards and will create a bank with $1.4 billion in combined assets and 25,000 clients.
Federal Reserve’s Likely Slowdown in Rate Cuts Could Disappoint Borrowers
By Christopher Rugaber | The Associated Press | November 21, 2024 | Reprints | Unlock LinkSeveral surprisingly strong economic reports, combined with President-elect Donald Trump’s policy proposals, have led to a decidedly more cautious tone from the Fed.
