Banking and Lending
Connecticut Lawmakers Adjourn Session; Sick Leave Law Updated, AI Not Addressed
By The Associated Press | May 9, 2024 | Reprints | Unlock LinkThe AI legislation was one of several bills proposed during the short three-month legislative session that attempted to address major, weighty issues. All failed after the General Assembly met its midnight adjournment deadline.
NAR’s Yun Predicts Falling Rates, Rising Sales
By Cassidy Norton | Commercial Record Staff | May 8, 2024 | Reprints | Unlock LinkNAR Chief Economist Lawrence Yun said he expects interest rates to fall in the long term, and that home sales will rise this year and continue to increase next year.
FDIC Report Outlines ‘Misogynistic,’ ‘Patriarchal’ ‘Good Ol’ Boys’ Workplace Culture
By The Associated Press | May 8, 2024 | Reprints | Unlock LinkAn independent review of the Federal Deposit Insurance Corp.’s workplace culture describes an environment that fostered “hostile, abusive, unprofessional or inappropriate conduct.”
ICE Reports Record Home Equity; 3 CT Cities in Top 7 Markets
May 7, 2024 | Reprints | Unlock LinkExisting homeowners continue to reap the benefits of historically strong price gains.
Hospital Operator Steward Health Care Files for Bankruptcy Protection
By The Associated Press | May 6, 2024 | Reprints | Unlock LinkSteward Health Care, the operator of the third largest hospital system in Massachusetts, filed for Chapter 11 bankruptcy in Texas, seeking the legal protection to restructure its debt while leaving its hospitals open.
US Employers Scaled Back Hiring in April; That Could Let the Fed Cut Interest Rates
By The Associated Press | May 3, 2024 | Reprints | Unlock LinkThe nation’s employers pulled back on their hiring in April but still added a decent 175,000 jobs in a sign that persistently high interest rates may be starting to slow the robust U.S. job market.
KeyBank Foundation Awards $150K to Urban League of Greater Hartford
May 2, 2024 | Reprints | Unlock LinkA $150,000 grant from KeyBank Foundation will fund two years of the Urban League of Greater Hartford’s Project Ready program.
Federal Reserve Declines to Cut Interest Rates, Cites Continued Inflation
By Cassidy Norton | Commercial Record Staff | May 2, 2024 | Reprints | Unlock LinkAs expected, the Federal Reserve did not reduce the benchmark lending rate at its meeting yesterday, maintaining the rate at a 23-year high.
Berkshire Bank to Close 3 CT Branches
May 2, 2024 | Reprints | Unlock LinkBoston-based Berkshire Bank has filed a notice with the Connecticut Department of Banking to close three of its branches in the Nutmeg State.
Rejected for a Home Loan? Don’t Give Up Yet
By Lew Sichelman | May 2, 2024 | Reprints | Unlock LinkNothing is more devastating to homebuyers than to search for months and finally find the place they want, only to be rejected by their chosen lender. But it happens to 1 in 10 applicants.
Reclassification of Marijuana Could Build Momentum for Cannabis Banking Reform
May 1, 2024 | Reprints | Unlock LinkThe U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, a historic shift to generations of American drug policy that could have wide ripple effects across the country.
JPMorgan’s Dimon Says Stagflation Possible
By Ken Sweet | The Associated Press | April 29, 2024 | Reprints | Unlock LinkJPMorgan Chase CEO Jamie Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation.
Jewett City Savings Bank Elects New Chairman and Vice Chairman
April 25, 2024 | Reprints | Unlock LinkJewett City Savings Bank announced the names of its new board chair and vice chair following the lender’s annual meeting last month: Diane Manning and Brian Andstrom.
Wells Fargo, Webster Rank at Bottom in Study of Tri-State Area Bank Satisfaction
By James Sanna | April 24, 2024 | Reprints | Unlock LinkA new analysis by J.D. Power has found that Wells Fargo and Webster Bank have the least satisfied customers of the major national and regional banks active in Connecticut, New York and New Jersey.
Liberty Bank Votes in New Chairman
April 19, 2024 | Reprints | Unlock LinkLiberty Bank’s board of directors unanimously elected a new chair last month, the bank said, after longtime Chairman Mark Gringras unexpectedly passed away March 7.
Citizens Reports Private Bank Deposits Up $1.2B in Q1
By James Sanna | April 18, 2024 | Reprints | Unlock LinkCitizens Financial Group’s move to seize market share among the Northeast’s rich is gathering pace, executives said during the bank’s first-quarter earnings call Wednesday.
Powell: Elevated Inflation Will Likely Delay Rate Cuts
By Christopher Rugaber | The Associated Press | April 17, 2024 | Reprints | Unlock Link“If higher inflation does persist,” he said, “we can maintain the current level of [interest rates] for as long as needed.”
M&T Keeps Cutting Exposure to CRE Lending
By James Sanna | April 16, 2024 | Reprints | Unlock LinkIn its first earnings call after a major credit ratings agency downgraded its out look for the lender, M&T Bank announced progress in reducing its book of commercial real estate loans.
Top Fed Official Opens Door to Keeping Rates High for Longer
By Christopher Rugaber | The Associated Press | April 16, 2024 | Reprints | Unlock LinkFederal Reserve Vice Chair Philip Jefferson suggested Tuesday that the central bank’s key rate may have to remain at its peak for a while to bring down persistently elevated inflation.
Big Banks Issue Mixed Profit Reports as JPMorgan Flags ‘Uncertain’ 2024
By Ken Sweet | The Associated Press | April 12, 2024 | Reprints | Unlock LinkJPMorgan Chase continued to warn investors Friday that it expects a “uncertain” year for markets and the global economy, citing stubbornly high inflation and ongoing geopolitical tensions.
