Banking and Lending
Fed Urges Crypto Caution for BanksBy Christopher Rugaber | The Associated Press | March 8, 2023 | Reprints | Unlock Link
While the biggest news to come out of Fed Chair Jerome Powell’s regular testimony before Congress was his willingness to make aggressive interest rate hikes to cool the economy, he also revealed that the central bank is worried about American financial institutions’ work in the crypto space.
Powell: Bigger Rate Hikes Coming If Economy Stays StrongBy Christopher Rugaber | The Associated Press | March 7, 2023 | Reprints | Unlock Link
The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell said Tuesday in prepared testimony to a Senate panel.
Patriot Bank Saw 2022 Earnings IncreaseMarch 7, 2023 | Reprints | Unlock Link
Stamford-based Patriot Bank saw full-year 2022 earnings increase 20 percent, and the bank continues to evaluate its next strategic moves.
Silvi Sboui Joins Ion BankMarch 6, 2023 | Reprints | Unlock Link
Naugatuck-based Ion Bank has hired Silvi Sboui as vice president and cash management sales officer.
Connecticut-based Banks Still See Deposit GrowthBy Diane McLaughlin | March 3, 2023 | Reprints | Unlock Link
While deposits decreased nationwide, Connecticut-based banks saw deposit growth in the last half of 2022, according to FDIC data.
Fannie Mae ‘Moving Away’ from Appraisal RequirementsBy James Sanna | March 2, 2023 | Reprints | Unlock Link
Saying it needs to modernize the way it values properties, Fannie Mae announced significant changes yesterday to the appraisal process for single-family mortgages it buys on the secondary market.
Mortgage Rates Hit Three-Month HighBy Matt Ott | The Associated Press | March 2, 2023 | Reprints | Unlock Link
The average long-term U.S. mortgage rate hit a three-month high this week, reflecting higher Treasury yields and expectations that the Federal Reserve will continue to raise its benchmark rate and keep it there until inflation recedes.
Prepare Now for FedNowBy Diane McLaughlin | March 2, 2023 | Reprints | Unlock Link
At some point between May and July, the Federal Reserve plans to launch its real-time payments system FedNow, and EasCorp’s Cynthia Nelson wants credit unions to get ready.
MBA: Purchase Mortgage Applications Reach 28-Year LowMarch 1, 2023 | Reprints | Unlock Link
Purchase mortgage applications for the second straight week reached the lowest level since 1995 amid rising interest rates, according to the Mortgage Bankers Association.
Two More Credit Union Mergers PlannedBy Diane McLaughlin | February 28, 2023 | Reprints | Unlock Link
Connecticut’s credit union consolidation continues in 2023 with two more mergers planned.
Thomaston Savings Bank Employees Donate to NonprofitsFebruary 27, 2023 | Reprints | Unlock Link
Thomaston Savings Bank employees raised nearly $22,000 in 2022 through an initiative that lets employees wear jeans on Friday.
Survey: Business Economists Push Back Recession ForecastsBy Christopher Rugaber | The Associated Press | February 27, 2023 | Reprints | Unlock Link
A majority of the nation’s business economists expect a U.S. recession to begin later this year than they had previously forecast, after a series of reports have pointed to a surprisingly resilient economy despite steadily higher interest rates.
Jewett City Savings Bank Promotes Four EmployeesFebruary 24, 2023 | Reprints | Unlock Link
Jewett City Savings Bank has promoted four employees, including two on its senior management team.
FHA Reduces Mortgage Insurance PremiumFebruary 22, 2023 | Reprints | Unlock Link
The Federal Housing Administration has reduced the annual mortgage insurance premiums charged to homebuyers who obtain an FHA-insured mortgage.
MBA: Mortgage Forbearances Start to Decline AgainFebruary 22, 2023 | Reprints | Unlock Link
As the mortgage industry moves closer to the end of new COVID-related forbearances, the number of homeowners in forbearance decreased last month, according to the Mortgage Bankers Association.
How Credit Scores Are Evolving to Improve Access to CreditBy Cora Lewis | The Associated Press | February 22, 2023 | Reprints | Unlock Link
A lowcredit score can hurt your ability to take out a loan, secure a good interest rate, or increase the spending limit on your credit card.
Research: Mortgage App Rejection More Likely for Older AdultsBy Diane McLaughlin | February 21, 2023 | Reprints | Unlock Link
Older adults are more likely to see their mortgage applications rejected compared to applicants in other age groups, according to recent research, but the rejections might not point to lender discrimination.
Survey: Banks, Technology Vendors Disagree on EffectivenessFebruary 17, 2023 | Reprints | Unlock Link
While less than half of U.S. banks said they were very or extremely satisfied with their core technology provider, these vendors overestimated their effectiveness in helping banks, according to a survey from the American Bankers Association.
Man Sentenced for Three CT Bank RobberiesFebruary 17, 2023 | Reprints | Unlock Link
A man awaiting sentencing for his role in a murder-for-hire plot was sentenced separately yesterday to 10 years in prison for committing three bank robberies in Connecticut.
MBA: Commercial, Multifamily Lending to Fall in 2023February 16, 2023 | Reprints | Unlock Link
Nationwide commercial and multifamily mortgage lending is expected to fall this year by 15 percent, according to an updated forecast from the Mortgage Bankers Association.