Rent Inflation Remains a Pressure Point for Small Biz
The average monthly share of rent in total payments through May is 9.1 percent nation-wide, up significantly from the 2019 average of 5.9 percent, according to new data from Bank of America.
Megabank Profits Mostly Fall in Q4 Amid Upbeat CEO Messaging
Three of the nation’s biggest banks said Friday that their profits fell last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
All Bank Branches that Opened and Closed in Connecticut in 2023
Only one bank opened any new branches in the state this year, while several big brands moved to shutter physical locations.
Megabank CEOs Warn New Regulations Could Harm the Economy
The 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.
BofA Hit with $150M Penalty for Fees, Opening Accounts Without Consent
Bank of America must pay around $150 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
BofA Profits Grow 15 Percent, Avoids Industry Crisis
Bank of America said its profits grew 15 percent last quarter, the latest of the big banks to do exceptionally well this earnings season as investors and consumers flock to Wall Street for safety after the failure of Silicon Valley Bank and Signature Bank.
Bank of America Adds EV Charging Units to Auto Loans
Bank of America has expanded its auto loan product to include financing for the units that consumers use to charge electric vehicles at home.
Megabanks Warn of Slowing Economy
Several of America’s biggest banks say they’re setting aside hundreds of millions of dollars each to cover potential loan losses in the event of a recession this year.
BofA Profits Fall as Bank Sets Aside Money for Downturn
Bank of America’s profits fell by 8 percent in the third quarter as the bank set aside cash to cover potential loan losses.
Senators Quiz Megabank CEOs on Consumer Protections, Social Issues
The CEOs of the nation’s biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.
BofA CEO: Struggling Americans Feel They Are in a Recession
The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point.
Bank of America’s Overdraft Fees Down 90 Percent
Bank of America says the revenue it gets from overdrafts has dropped 90 percent from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.
M&T Passes Fed Stress Test
The nation’s largest banks have strong capital levels and would be able to continue lending to households and businesses during a severe recession, according to the Federal Reserve’s annual stress test.
Hot Inflation Dims Likelihood Fed Can Achieve ‘Soft Landing’
For months, Chair Jerome Powell has held out hope that the Federal Reserve will be able to raise interest rates high enough to throttle rampant inflation without tipping the economy into recession.
CFPB Fines BofA Over Garnishment Practices
The Consumer Financial Protection Bureau has fined Bank of America $10 million for processing what the agency said were illegal, out-of-state garnishment orders against its customers’ bank accounts.
Bank of America Grant Looks to Improve Workforce Development
A partnership between Bank of America and the state of Connecticut will look for ways to help connect workers with high-quality jobs in the state.
Former BofA Employee Receives Prison Sentence
A former Bank of America employee who stole more than $100,000 from a customer experiencing cognitive decline has been sentenced to one year in prison.
BofA Booster Initiative Leads to $185K Donation to Food Bank
Bank of America has donated a $185,000 to Connecticut Foodshare as part of an initiative to encourage bank employees to get a booster shot and help address food insecurity in the region.
BofA Reduces Overdraft Fee, Eliminates NSF Fee
Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks.
Bank Profits Soar, Helped By Merger Frenzy, Fewer Bad Loans
Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has helped reduce the number of loans in default or that the bank won’t likely recoup.
