The Pendulum Swings Back
With the days of booming refinance business in the rearview mirror and rising consumer optimism ahead, for some banks, the purchase market has yet to make up for the decline in refis.
ABA: Consumer Delinquencies Down In 7 Of 11 Categories In Q3 2014
Consumer delinquencies fell to a record low in the third quarter last year, declining in seven out of 11 categories, according to the American Bankers Association’s (ABA) Consumer Credit Delinquency Bulletin.
State Report Looks At Tax Impact
Connecticut’s rich pay the smallest percentage of their income in taxes, according to a recent report from the state’s department of revenue services (DRS).
Rosengren Advises Patience In Normalizing Monetary Policy
The question is no longer “whether” but “when” the Federal Reserve will begin to normalize monetary policy, but Boston Fed President Eric Rosengren advised patience and said it is impossible to know now when economic conditions will sufficiently lift for the Fed to raise rates.
ABA Report: Credit Card Market Rebounded In Q2 \’14
The American credit card market rebounded with the economy in the second quarter last year, according to the American Bankers Association’s December Credit Card Market Monitor report.
A Mortgage Professional In The Family
David Zamary has been in the mortgage business for 35 years, so naturally, he\’s seen a lot of ups and downs. Maybe that\’s one reason he was recently elected as the Connecticut Mortgage Bankers Association\’s new president.
NCUA Sues Wells Fargo Over MBS Trusts
The National Credit Union Administration recently filed suit in federal court against Wells Fargo Bank National Association, alleging the megabank failed in its duties as the trustee of 27 residential mortgage-backed securities trusts and, in so doing, violated state and federal law.
MA AG Investigating Santander For Subprime Auto Lending
Massachusetts Attorney General Martha Coakley’s office is investigating Santander for its underwriting and securitization of subprime auto loans.
First Niagara Branch Closures A Symptom of Industry-Wide Problem
First Niagara\’s impending closure of 17 branches next year, eight of those in Connecticut, is more than an isolated business decision.
Celebrating CR\’s Best, And The End Of Another Year
Every year in December, The Commercial Record publishes the results of our annual reader poll, conducted to determine who our readers think are The Best.
Starting From Scratch
John Janco has sort of a classic American story: He began working at Torrington Savings Bank fresh out of college in 1973 as a teller, and over the years, he’s moved up through the ranks to become president. He’ll take over as CEO next year when current CEO Jeffrey Lalonde retires. Meanwhile, Eric Erdtmann has accumulated much of his banking experience as a commercial lender at various community banks in Connecticut. Earlier this year, they joined forces.
A Career Spent In Compliance
As a young attorney, Norm Roos got the assignment of boning up on an arcane new law called the “Truth in Lending” Act. Little did he know how relevant that bout of studying would be in a career spent as one of Connecticut banks’ most trusted advisors when it comes to regulations and compliance.
SNL Financial: Deposits Fell In October, While Loans Climbed
Deposits at U.S. commercial banks declined during the month of October, while loans and leases increased, according to a recent report from SNL Financial.
National Coalition Recognizes Conn. Agencies For Advancing Clean Energy
The Clean Energy States Alliance (CESA) recently recognized the Connecticut Green Bank for a program aimed at helping commercial clients access affordable, long-term financing for energy upgrades to their buildings.
TD Bank Survey Reveals Consumer Insights On HELOCs
While half of consumers with a home equity line of credit (HELOC) actually used that money for home renovations, many of those borrowers used the cash for other needs as well, according to a new survey from TD Bank.
Welcome To The New Normal
It\’s been 10 years since the first time my bank called to tell me there was fraudulent activity on my debit card, and I still remember the panic that phone call caused.
How Are We Doing?
Bank customers, particularly those of the larger banks, are used to email and phone inquiries about recent branch or online transactions. Survey results can drive critical decisions about how to transform or close an existing bank branch, or how to evaluate staff performance, with the granting of bonuses strongly in the mix.
FHFA Proposal Would Limit FHLB Membership
A recent proposal from the Federal Housing Finance Agency that would limit membership in the federal home loan banking system has bankers worried that it could squeeze liquidity out of the mortgage market at a time when the market has been sluggish to rebound.
ACSI Survey: Credit Unions Maintain Lead Over Banks
Banks slipped a few points year-over-year, while customer satisfaction remained strong for the credit union industry, according to the most recent American Customer Satisfaction Index (ACSI).
Fiserv Forming New Payments Group
Financial services tech firm Fiserv this week formed a new group focused on electronic bill payments.
