Banking and Lending
National Iron Bank Appoints New Chair, Vice Chair of the Board
By Nika Cataldo | December 11, 2023 | ReprintsNational Iron Bank, a $298 million-asset community bank based in Salisbury, has appointed its new chairman and vice chairman of the board.
Megabank CEOs Warn New Regulations Could Harm the Economy
By Ken Sweet | The Associated Press | December 8, 2023 | ReprintsThe heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
Inflation Eased in 2023. That’s Given Investors Hope for a Gentler Fed
By Damian J. Troise | The Associated Press | December 7, 2023 | ReprintsInflation gradually loosened its grip on Wall Street and the economy in 2023, raising hopes for a gentler Federal Reserve and solid gains for the market next year.
Mass. Firm Plans Bridgeport Battery Factory
By James Sanna | December 5, 2023 | ReprintsMassachusetts-based Nanoramic Laboratories plans to build an electric car battery factory in Bridgeport that will employ around 200 people, but it’s unclear just where the new development will rise from the ground.
Fed’s Powell Tries to Tamp Down on Rate-Cut Hype
By Christopher Rugaber | The Associated Press | December 4, 2023 | ReprintsInflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said in a speech Friday.
FDIC-Insured Banks Saw Decline in Combined Net Income in Q3
By Nika Cataldo | December 1, 2023 | ReprintsAround 4,614 banks insured by the Federal Deposit Insurance Corp. across America saw a decline in their aggregate net income in the third quarter versus the prior quarter due to lower non-interest income and higher losses on securities.
Top Fed Official Hints at Spring Rate Cut
By Christopher Rugaber | The Associated Press | November 30, 2023 | ReprintsA key Federal Reserve official raised the possibility Tuesday that the Fed could decide to cut its benchmark interest rate as early as spring if inflation keeps declining steadily.
SBA Lending in Connecticut Up by 13 Percent in 2023
By Nika Cataldo | November 29, 2023 | ReprintsMore small business owners in Connecticut were able to get loans backed by the U.S. Small Business Administration (SBA) in 2023, increasing by 13 percent compared to last year.
KeyBank to Quit Downtown New Haven Office Space
By Nika Cataldo | November 28, 2023 | ReprintsKeyBank is embracing remote work for some non-branch staff in New Haven and plans to move out of space in an office tower in that city by the end of the year.
JPMorgan Chase to Consolidate Three Greenwich Branches
By Nika Cataldo | November 27, 2023 | ReprintsJPMorgan Chase is reorganizing its branch network in Greenwich, closing a total of three branches while opening three other branches.
Meeting Records Show Fed Officials Keeping Weather Eye on Data
By Christopher Rugaber | The Associated Press | November 27, 2023 | ReprintsFederal Reserve officials concluded earlier this month that inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2 percent target, according to the minutes of their meeting released Tuesday.
CRE Loan Originations Fall 49 Percent as Lending Standards Tighten
By James Sanna | November 21, 2023 | ReprintsA quarterly report released by the Mortgage Bankers Association earlier this month shows that, nationwide, commercial real estate and multifamily loan originations were down 49 percent by volume year-over-year across the country during the late summer and fall.
Mortgage Lenders Get Creative with Services, Boosting Satisfaction
By Nika Cataldo | November 21, 2023 | ReprintsWith average 30-year mortgage rates reaching 7.79 percent in October – the highest level since 2000 – lenders were forced to get creative financing homes, leading to high customer satisfaction in 2023.
Why Americans Feel Gloomy About the Economy Despite Positive Indicators
By Christopher Rugaber | The Associated Press | November 20, 2023 | ReprintsThe U.S. economy has repeatedly defied predictions of a coming recession. Yet according to a raft of polls and surveys, most Americans hold a glum view of the economy. One reason? No disinflation,
Boston Fed President Says Low Unemployment Not Signal of ‘Full Employment’
By Nika Cataldo | November 17, 2023 | Reprints“No one statistic can adequately characterize the labor market, since aggregate numbers do not show the wide range of experiences across people, sectors and places,” Susan Collins said.
Citizens to Wind Down Wholesale Lending Business
By James Sanna | November 16, 2023 | ReprintsRhode Island-based bank Citizens is exiting the wholesale mortgage lending business, five months after exiting the indirect auto lending business, as well.
Lamont Picks Investor as DECD Head
By James Sanna | November 15, 2023 | ReprintsGov. Ned Lamont’s office announced that the state’s chief innovation officer, tech investor Daniel O’Keefe, will take over as commissioner of the Connecticut Department of Economic and Community Development.
In Speech, Powell Reinforces Fed’s Cautious Approach
By Christopher Rugaber | The Associated Press | November 10, 2023 | ReprintsFederal Reserve Chair Jerome Powell suggested Thursday that the Fed is in no hurry to further raise its benchmark interest rate, given evidence that inflation pressures are continuing to ease at a gradual pace.
Citibank Fined $26M for Discrimination Against Armenian Immigrants
By Ken Sweet | The Associated Press | November 9, 2023 | ReprintsCitigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said Wednesday.
Citizens Launches New Products Aimed at Small Biz Clients
November 9, 2023 | ReprintsRhode Island-based Citizens recently launched a pair of payment and invoicing products aimed at meeting what it believes are in-demand services for the region’s small businesses.
