CT Banks See Excess Deposits Grow for Second Year
With many banks struggling to match these deposits with loan growth, this excess liquidity could grow into a concern for in the coming quarters.
BofA’s Finucane, Montag to Retire
Bank of America Vice Chair Anne Finucane, who joined the company after its acquisition of Fleet Bank, will retire at the end of the year, Bank of America said in a statement yesterday.
Digital Dominates Deposits at BofA
Bank of America’s customers now mostly use digital channels rather than teller lines to make deposits as the bank continues to see growth in digital engagement.
Ownership Is Power, But at What Cost?
Some homebuyers, even those who absolutely adore their places, have “buyer’s remorse” – second thoughts about their purchase.
BofA Employee Stole $100K from Customer
A former Bank of America employee pleaded guilty this week to stealing more than $100,000 from a bank customer who was experiencing cognitive.
Big Bank CEOs Say They’ll Work to Avoid Foreclosures
The chief executives of the nation’s largest banks went in front of Congress for a second day Thursday, facing questions ranging from inflation to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer.
Bank of America to Raise Minimum Wage to $25/hour
Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025.
BofA Survey: More than Half of Small Businesses Sought Pandemic Funding
More than half of small business owners surveyed in Greater Boston plan to apply for or have already sought funding to address the impact of the pandemic on their business.
BofA Receives No-Action Letter for Consumer Loans
Bank of America will be able to offer small loans to customers under certain guidelines without facing enforcement actions from the Consumer Financial Protection Bureau.
Study: PPP, Size Affected Small Business Satisfaction with Banks
Small businesses reported more satisfaction with banks during the pandemic compared to previous years, according to a recent J.D. Power survey, but the size of the business and success with the Paycheck Protection Program affected satisfaction.
Transit-Oriented Focus Pays Off in $62M Mill Redevelopment
The pending construction of a new commuter rail station in Windsor Locks is already paying dividends to the town’s real estate market, playing into the restoration of a crumbling and contaminated former textile mill as a mixed-income housing complex.
Deposits Up 16 Percent at Connecticut Banks Thanks to COVID-19
Deposits at nearly every Connecticut bank increased in 2020, as the state’s total bank deposits grew by more than 16 percent, according to the FDIC’s annual Summary of Deposits survey.
Connecticut Expands Initiative to Reach Underbanked
Connecticut now has a statewide presence in the national Bank On movement, an initiative that promotes safe and affordable banking products. The Connecticut Association for Human Services (CAHS) has launched Bank On Connecticut in partnership with the national nonprofit organization Cities for Financial Empowerment Fund (CFE Fund).
BofA’s Mahoney Dies Following 2019 Bike Accident
James Mahoney, a senior Bank of America executive and former chief spokesman for the Federal Reserve Bank of Boston, died from injuries sustained in a biking accident a year ago. He was 67.
Fed Stops Big Banks from Buying Back Stock, Caps Dividends
A worst-case scenario for the U.S. economy ravaged by the coronavirus pandemic would cause the nation’s 34 largest banks to collectively lose roughly $700 billion, the Federal Reserve said Thursday.
House Demands PPP Loan Info from Treasury, Banks
A House subcommittee investigating billions of dollars in coronavirus aid is demanding that the Trump administration and some of the nation’s largest banks turn over detailed information about companies that applied for and received federal loans intended for small businesses.
Small Business Loans Launch, Hit Snags
The federal government’s $349 billion relief program for small businesses got off to a rocky start across the country Friday as hundreds of thousands tried to apply for desperately needed loans.
Uncertainty Surrounds Launch of $349B Small Biz Rescue Loans
With final guidelines not published until after 5 p.m. yesterday, uncertainty has surrounded the launch of a $349 billion rescue loan program created by the CARES Act to help stop the collapse of thousands of small businesses nation-wide.
New Haven Bank Robber Gets Five Years
A convicted New Haven bank robber will serve over five years in prison for stealing more than $10,000 from two area banks.
People’s United Grows Deposit Share Following Farmington Merger
Following last year’s acquisition of Farmington Bank, Bridgeport-based People’s United Bank has seen its deposit share grow, vaulting it into second place statewide.
