Banking and Lending
Dozens of Banks Hit by TCH Payment Processing Delay
By The Associated Press | November 7, 2023 | Reprints | Unlock Link
A processing glitch in the network that processes electronic transfers between nearly all U.S. bank accounts led to delays in settling deposits, some of which remain stalled, according to the private company that operates the system.
Average Mortgage Rate Slips in First Drop in Seven Weeks
By Alex Veiga | The Associated Press | November 3, 2023 | Reprints | Unlock LinkThe average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb – modest relief for prospective homebuyers even as home loan applications have slumped to their lowest level since 1995.
Federal Reserve Leaves Key Rate Unchanged, Leaves Options Open
By Christopher Rugaber | The Associated Press | November 2, 2023 | Reprints | Unlock LinkThe Federal Reserve kept its key short-term interest rate unchanged Wednesday for a second straight time but left the door open to further rate hikes if inflation pressures should accelerate in the months ahead.
Bank Customer Financial Confidence Falls ‘Troublingly’ in New Survey
By James Sanna | November 1, 2023 | Reprints | Unlock LinkAmerican bank customers feel like their financial situation is getting more and more precarious according to a new survey by consultancy J.D. Power.
Fairfield County Bank Makes Large Donation to Bridgeport Housing Nonprofit
October 31, 2023 | Reprints | Unlock LinkFairfield County Bank said it recently donated $7,500 to Building Neighborhoods Together, formerly the Bridgeport Neighborhood Trust.
Cloudier Economic Picture Expected to Keep Federal Reserve on Sidelines
By Christopher Rugaber | The Associated Press | October 31, 2023 | Reprints | Unlock LinkThe Federal Reserve is poised to leave its key interest rate unchanged Wednesday at a time when the Fed faces an economy that has proved resilient but is nevertheless under pressure.
US Consumers Keep Spending. Can It Last?
By Christopher Rugaber and Anne D'Innocenzio | The Associated Press | October 30, 2023 | Reprints | Unlock LinkA flow of recent data from the U.S. government has made one thing strikingly clear: A surge in consumer spending is fueling strong growth, demonstrating a confounding resilience.
Survey: Majority of All Age Groups Prefer Mobile, Online Banking
By Nika Cataldo | October 30, 2023 | Reprints | Unlock LinkTwo national studies show that US bank consumers are shifting their preferences more to digital banking platforms, both mobile and online, instead of opting to go to branches – particularly to branches inside big retailers.
Bankwell Bank Posts Higher Third Quarter Net Income
By Nika Cataldo | October 26, 2023 | Reprints | Unlock LinkNew Canaan-based Bankwell Bank said its third-quarter net income improved from the same quarter a year ago mainly on the reduction of its provision of credit losses, freeing up money to contribute to profitability.
Thomaston Savings Bank Opens New Branch
By James Sanna | October 26, 2023 | Reprints | Unlock LinkThomaston Savings Bank announced the opening of its newest branch at 233 Main St. in New Britain. This is the bank’s 16th location.
Federal Regulators Reveal Final CRA Rules
By James Sanna | October 25, 2023 | Reprints | Unlock LinkThe final version of federal bank regulators’ latest attempt to bring the nation’s anti-redlining rules into the 21st century has been revealed
Berkshire Bank Expects More Branch Closures Next Year
By Nika Cataldo | October 23, 2023 | Reprints | Unlock LinkBerkshire Bank is expecting to close down more branches in 2024 as a part of its three-year restructuring plan geared on leaning towards improvement of its digital banking platforms.
Banks Turn to ITMs to Evolve Branches
By Nika Cataldo | October 20, 2023 | Reprints | Unlock LinkSome banks are using video-enabled ATMs to free branch staff to provide higher-touch advice and service to customers.
Powell: Slower Economic Growth May Be Needed to Conquer Inflation
By Christopher Rugaber | The Associated Press | October 20, 2023 | Reprints | Unlock LinkFederal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed’s target level will likely require a slower-growing economy and job market.
Webster Bank Q3 Profits Hit by Merger-Related Charges
By Nika Cataldo | October 19, 2023 | Reprints | Unlock LinkWebster Bank’s net income declined in the third quarter as it incurred merger-related charges from its consolidation a New York bank last year.
M&T Bank Net Income Declines in Face of High Rates
By Nika Cataldo | October 19, 2023 | Reprints | Unlock LinkM&T Bank continued to see high interest rates weigh down its financials in the third quarter thanks to its higher cost of deposits borrowers made cautious by high lending rates.
Ion Bank Opens Southington Branch, Adds EV Charging
By Nika Cataldo | October 17, 2023 | Reprints | Unlock LinkIon Bank is opening its new 22nd branch in Southington. And it comes with a new benefit for customers: an electric vehicle charging station.
Real Estate, Banking Groups Urge Fed to Help Curb Mortgage Rates
By Alex Veiga | The Associated Press | October 13, 2023 | Reprints | Unlock LinkHome loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and taking another bite out of prospective homebuyers’ purchasing power.
Fed Minutes: Officials Signal Cautious Approach to Rates
By Christopher Rugaber | The Associated Press | October 12, 2023 | Reprints | Unlock LinkSuch cautious views are generally seen as evidence that the Fed isn’t necessarily inclined to raise rates in the near future.
FTC Proposes Ban on ‘Junk Fees,’ Coupled with CFPB Action
By Josh Boak | The Associated Press | October 11, 2023 | Reprints | Unlock LinkThe FTC proposal is being coupled with the Consumer Financial Protection Bureau announcing that it will block large banks from charging junk fees to provide basic customer services.
