Banking and Lending
Meet Connecticut’s Top Loan Originators of 2023
April 11, 2024 | Reprints | Unlock LinkFor the ninth year in a row, The Commercial Record is recognizing the top loan originators throughout Connecticut. Ranked by dollar volume and number of loans completed, and representing banks, credit unions and mortgage companies, these originators are at the top of their game.
March Inflation Reading Means ‘Bad News’ for Mortgage Rates
By Christopher Rugaber | The Associated Press | April 10, 2024 | Reprints | Unlock LinkConsumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year.
When Will Fed Cut Rates? As Economy Flexes Muscles, Maybe Never
By Christopher Rugaber | The Associated Press | April 9, 2024 | Reprints | Unlock LinkThe Fed typically cuts only when the economy appears to be weakening and needs help. But with economic data looking strong – the commercial real estate sector aside – will its policymakers see a need to even cut at all?
Jamie Dimon Warns of Potential Interest Rate Spike
By Ken Sweet | The Associated Press | April 8, 2024 | Reprints | Unlock LinkWith some investors and economists questioning whether the Federal Reserve can make good on interest rate cuts this year, the JPMorgan Chase CEO warned of the possibility of rates rising to 8 percent or higher.
Another Month of Robust Job Growth Points to Continued Economic Strength
By Paul Wiseman | The Associated Press | April 5, 2024 | Reprints | Unlock LinkAmerica’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.
Powell Still Sees Room for Rate Cuts in 2024
By Christopher Rugaber | The Associated Press | April 4, 2024 | Reprints | Unlock LinkFederal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February.
Thomaston Savings Bank Elevates Ex-Tellers as New Execs
April 1, 2024 | Reprints | Unlock LinkThomaston Savings Bank promoted three new executives, including a new executive vice president, on Friday.
Powell Says Fed wants to See ‘More Good Inflation Readings’
By Paul Wiseman | The Associated Press | April 1, 2024 | Reprints | Unlock LinkFederal Reserve Chair Jerome Powell on Friday reiterated a message he has sounded in recent weeks: While the Fed expects to cut interest rates this year, it won’t be ready to do so until it sees “more good inflation readings’’ and is more confident that annual price increases are falling toward its 2 percent target.
Chase’s New England Head Leaves for Atlanta Post
By James Sanna | March 29, 2024 | Reprints | Unlock LinkCooke led Chase through a huge expansion in its New England branch footprint as it sought to convert many credit card customers to deposit and loan clients.
Meet Connecticut’s Top Lenders
By James Sanna | March 27, 2024 | Reprints | Unlock Link2023 was a tough year for many kinds of real estate lending last year, but banks, credit unions and mortgage companies active in Connecticut put in a strong showing, with some even managing to increase their loan totals year-over-year.
Webster Bank CFO to Retire, Search Launched for Successor
March 27, 2024 | Reprints | Unlock LinkStamford-based Webster Bank announced this week that longtime chief financial officer Glenn MacInnes is planning to retire.
Fed Still Sees Three Rate Cuts in ’24, Fewer Next Year
By The Associated Press | March 21, 2024 | Reprints | Unlock LinkIn new quarterly projections they issued, Fed officials forecast that stronger growth and stubborn inflation would persist, meaning the central bank’s benchmark interest rate will stay higher for longer.
New Haven Homelessness Nonprofit Gets $120K Grant from KeyBank
By James Sanna | March 20, 2024 | Reprints | Unlock LinkLiberty Community Services of New Haven has been awarded a two-year, $120,000 grant from KeyBank, through its foundation, that will pay for new vehicles so the nonprofit can reach the 2,400 people it serves every year.
Powell May Hint at Rate Cuts Today
By Christopher Rugaber | The Associated Press | March 20, 2024 | Reprints | Unlock LinkTwo weeks ago, Chair Jerome Powell suggested that the Federal Reserve was “not far” from gaining the confidence it needed that inflation was headed sustainably down. It was a tantalizing suggestion.
Guilford Savings Bank Gave $300K in 2024
March 19, 2024 | Reprints | Unlock LinkGuilford Savings Bank announced its annual charitable contributions last year totaled over $300,000.
Fed Likely to Preach Patience on Rate Cuts
By Christopher Rugaber | The Associated Press | March 18, 2024 | Reprints | Unlock LinkAcross the United States, many people are eagerly anticipating the Federal Reserve’s first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Housing developers looking to get shovels in the ground.
Fintech Bank Opens Stamford HQ
March 12, 2024 | Reprints | Unlock LinkEuropean fintech Banking Circle has placed its American headquarters office in Stamford, drawing Gov. Ned Lamont and state Banking Commissioner Jorge Perez to the ribbon-cutting.
Powell: Rate Cuts Still Likely, but More Evidence Needed that Inflation’s Tamed
By Christopher Rugaber | The Associated Press | March 6, 2024 | Reprints | Unlock LinkChair Jerome Powell reinforced his belief Wednesday that the Federal Reserve will cut its key interest rate this year but that it first wants to see more evidence that inflation is falling sustainably back to the Fed’s 2 percent target.
CFPB Seeks $8 Credit Card Late Fee Cap
By Ken Sweet and Josh BOak | The Associated Press | March 5, 2024 | Reprints | Unlock LinkThe Biden administration announced a rule Tuesday to cap all credit card late fees, the latest effort in the White House push to end what it has called “junk fees” and a move that regulators say will save Americans up to $10 billion a year.
Wells Fargo Plans Two More CT Branch Closings
By James Sanna | March 4, 2024 | Reprints | Unlock LinkAdd New Haven and Bethel to the communities in line to lose a Wells Fargo branch this year.
