FlexWage wins EWA carve-out in Connecticut
Payments Dive
JANUARY 5, 2024
The earned wage access company said the Connecticut Department of Banking determined it doesn’t need a state lending license.
Connecticut moves to regulate EWA
Payments Dive
SEPTEMBER 19, 2023
The state is instituting new lending regulations that are likely to apply to some earned wage access providers starting next month.
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Connecticut Issues Guidance Clarifying the Applicability of its Small Loan Act to “True Lenders” and Earned Wage Access Providers
CFPB Monitor
SEPTEMBER 20, 2023
The Connecticut Department of Banking (the “Department”) issued a guidance letter on September 11, 2023 (the “Guidance”) providing its position regarding the amendments to Connecticut’s Small Loan Lending and Related Activities Act (the “Act”) that become effective on October 1, 2023.
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Connecticut bank sued for alleged discriminatory mortgage lending
CFPB Monitor
OCTOBER 9, 2018
Last week, the Connecticut Fair Housing Center, Inc. filed a complaint against Liberty Bank in Connecticut federal district court alleging that the Bank engaged in discriminatory mortgage lending in violation of the federal Fair Housing Act. ” Discrimination in extending credit.
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Connecticut Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan license
CFPB Monitor
MAY 19, 2022
The Order also directs SoLo to stop enforcing loans made to Connecticut residents and make restitution of any amounts it obtained in connection with such loans together with interest. To lend or borrow using the Platform, lenders and borrowers are required to set up a special account at a designated bank.
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Connecticut enacts significant changes to Small Loan Act
CFPB Monitor
JULY 5, 2023
Under the current law, the APR is calculated under the provisions of the federal Truth-in-Lending Act and associated regulations. . The primary changes are as follows: New APR calculation (Section 1, subdivision (2), Revising 36a-555(2)). Continue Reading
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Bankwell Bank pilots generative AI in small-business lending
American Banker
FEBRUARY 8, 2024
It's early days in the Connecticut bank's testing of Cascading AI, but one clear benefit has emerged: The software can handle the many inquiries that come in on Friday nights, after loan officers have gone home.
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Webster Financial predicts loan growth of 5%-7% in 2024
American Banker
JANUARY 23, 2024
Several regional banks have projected minimal growth or even a decline in lending this year. But Connecticut-based Webster is bullish based on its pipeline of nonoffice commercial real estate, public finance and other credits, CEO John Ciulla says.
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Sageworks Lending Solution helping community banks and credit unions grow
Abrigo
MAY 20, 2017
Earlier this month, John Holt, CEO of Nutmeg State Financial Credit Union appeared on Better Connecticut to discuss how Nutmeg FCU was fulfilling its commitment to helping small businesses in their community by implementing a new digital loan application process.
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This week’s podcast: fair lending and website accessibility developments
CFPB Monitor
NOVEMBER 1, 2018
While the pace of the CFPB’s fair lending activities has slowed under its new leadership, significant fair lending developments are occurring elsewhere. In this week’s podcast, we discuss several of those developments and their broader implications.
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Connecticut federal court allows CFPB claims to proceed against mortgage company and principals for alleged licensing and other violations
CFPB Monitor
APRIL 11, 2022
A Connecticut federal district court has refused to dismiss claims filed by the CFPB against a mortgage company and three of its principals for alleged Truth in Lending Act (TILA), Mortgage Act and Practice (MAP) Rule, and Consumer Financial Protection Act (CFPA) violations.
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JPMC Bets On Travel Rebound With Acquisition Of cxLoyalty's Rewards Division
PYMNTS
DECEMBER 28, 2020
Headquartered in Stamford, Connecticut, and privately held, cxLoyalty said it serves some 70 million people across 19 countries. This investment demonstrates our commitment to deliver exceptional travel benefits at-scale to our large and rapidly growing customer base,” Marianne Lake, CEO of Consumer Lending at J.P.
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Four Banks Partner to help Connecticut’s Underbanked
Banking Exchange
AUGUST 17, 2020
Individuals without access to basic banking services can now open accounts through a state-wide initiative being rolled out across Connecticut Community Banking People Covid19 Customers Fair Lending Feature3 Feature.
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'Credit darling' Webster Financial reports uptick in defaulted loans
American Banker
APRIL 23, 2024
The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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First Connecticut Commits $5M to Small-Business Lending in Mass.
American Banker
MAY 11, 2016
First Connecticut Bancorp in Farmington has committed to making $5 million in small-business loans over the next year.
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Commercial Credit Trends – Where to Tread Carefully
South State Correspondent
MAY 23, 2023
Lending is getting riskier. As can be seen, the consumer is starting to feel the credit shock first while commercial lending is still performing. Minnesota, North Dakota, and Iowa were the least risky states to lend into. Banks are more leveraged than the average hedge fund, and lending decisions have outsized consequences.
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Essex Savings in Connecticut lines up next CEO
American Banker
JANUARY 14, 2021
She is currently the chief lending officer. Diane Arnold, who will succeed the retiring Gregory Shook in July, has been with the bank since 2002.
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Growing a mortgage portfolio: Encourage borrowers to bank local
Abrigo
JANUARY 15, 2015
In the spirit of the go local movement, new data from Sageworks Bank Information peeked in on 10 cities to see which community banks were making an impact on local mortgage lending. • Hartford, Connecticut – United Bank ($1.19 Another home lending specialist, about 61 percent of the bank’s total assets ($1.56
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Massachusetts' Freedom Credit Union opens first location in Connecticut
American Banker
NOVEMBER 21, 2022
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Connecticut bank halts small-dollar loan program due to high demand
American Banker
APRIL 3, 2020
billion-asset Liberty Bank in Middletown had set aside $5 million to make small-dollar loans to customers affected by the coronavirus pandemic.
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Aiming for Earnings
Independent Banker
AUGUST 25, 2016
Higher-volume lending has become more important to profitability. Calculated Lending. Budgeting for expanded lending starts with a strategic plan. Connecticut bank mobilizes hands-on teams to boost branches. Minnesota bank makes high-volume SBA lending a profitable specialty. Crank Up the Volume. Income Guarantee.
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Pennsylvania Attorney General solicits redlining complaints from consumers
CFPB Monitor
OCTOBER 31, 2018
HMDA data was recently used by a Connecticut fair housing advocacy groups to support redlining claims in a lawsuit filed in Connecticut federal district court alleging that a bank had engaged in discriminatory mortgage lending in violation of the federal Fair Housing Act.
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Provident in Massachusetts buys warehouse lending business
American Banker
JANUARY 22, 2020
The company acquired ResX Warehouse Lending from People's United Financial.
Connecticut slaps fintech Solo Funds with cease-and-desist order
American Banker
MAY 11, 2022
(..)
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Why this regional bank is dumping N.Y. multifamily loans
American Banker
JANUARY 17, 2020
People's United in Connecticut is letting the loans run off its books as it invests in higher-yielding commercial loans.
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State Regulators Investigate Payday Advances
PYMNTS
AUGUST 8, 2019
The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances.
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CFPB Files Complaint Against a Former Mortgage Lender
CFPB Monitor
JANUARY 21, 2021
The CFPB recently filed a complaint in the United States District Court for the District of Connecticut alleging violations of various federal consumer protection laws by 1 st Alliance Lending, LLC (1 st Alliance), a former mortgage lender. The complaint also names several principals of 1 st Alliance as defendants.
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What finally brought M&T and People's United together
American Banker
FEBRUARY 22, 2021
M&T had long coveted the Connecticut regional but couldn't make a deal work. Their merger is the latest example of regional banks joining forces to compete in an industry undergoing rapid transformation.
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The United States Of Artificial Intelligence Startups
CB Insights
MARCH 13, 2019
Collectively, these startups have raised over $5B, with leading companies such as Butterfly Network (Connecticut, $350M in total disclosed equity funding), Welltok (Colorado, $339M), and InsideSales.com (Utah, $264M). Connecticut. Using the CB Insights database, we mapped out the top-funded AI startup in every US state. California.
NY DFS announces multistate investigation of payroll advance industry
CFPB Monitor
AUGUST 7, 2019
In its press release, the DFS claims that the investigation will look into “allegations of unlawful online lending” and “will help determine whether these payroll advance practices are usurious and harming consumers.” .” Rather, they argue that the advances are payments for compensation already earned.
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CFPB announces proposed consent order with companies alleged to have collected loans void under state law
CFPB Monitor
FEBRUARY 6, 2020
The relevant states are Arizona, Arkansas, Colorado, Connecticut, Illinois, Indiana, Kentucky, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, and South Dakota (“Subject States”). The loans in question were made by companies owned by Native American tribes.
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To Win in Digital Banking, Get Techies Talking to Service Reps
American Banker
MAY 31, 2016
Arjun Sirrah takes great pride in his company's national-level success as a community bank in Connecticut competing against digital lending startups in student loan refinancing. billion in loans in the last couple of years. …
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Key to Digital Banking: Pair Techies with Customer-Facing Staff
American Banker
MAY 31, 2016
Arjun Sirrah takes great pride in his company's national-level success as a community bank in Connecticut competing against digital lending startups in student loan refinancing. billion in loans in the last couple of years. …
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The United States Of Fintech Startups
CB Insights
NOVEMBER 6, 2019
Collectively, these startups have raised over $9.5B, with leading companies including lending startup Avant (Illinois, $655M in total disclosed equity funding), next-gen auto insurer Root Insurance (Ohio, $509M), restaurant finances management system Toast (Massachusetts, $503M), and small business lending startup Kabbage (Georgia, $490M).
Bucking Convention, These Banks Are Adding Staff in Their Branches
American Banker
MAY 24, 2016
CenterState in Florida and Union Savings in Connecticut are adding specialists to their retail locations at a time when many other banks are cutting back or have been relying heavily on universal bankers.
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A bridge to affordable housing
Independent Banker
AUGUST 31, 2022
When two executives at Woodforest National Bank noticed a dearth of affordable housing options in southeast Texas, they decided to do something about it, partnering with several housing and community groups to launch an innovative mortgage lending product aimed at underserved clients. Aileen McDonough is a writer in Connecticut.
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Massachusetts federal court stays effective date and enjoins enforcement of HUD final rule revising FHA disparate impact standards; 2 other lawsuits filed challenging rule
CFPB Monitor
OCTOBER 27, 2020
The two other lawsuits challenging the 2020 Rule under the APA were filed on October 22 by housing groups in federal district courts in California and a Connecticut federal district court.
Why Banks Merge: Listen to the Sellers
Jeff For Banks
APRIL 25, 2014
At the same time, our legal lending limit will be much larger, which will help us to make larger investments in the local communities." - Dick Baker, Chairman of Ohio Heritage Bancorp of Coshocton on the bank''s sale to Peoples Bancorp, Inc. Read: You have to make lots and lots of little loans when you only have $25 million in capital. “I
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How This Niche Lender Found a Way to Branch Out
American Banker
MARCH 17, 2016
A small Connecticut bank takes the plunge into mobile-friendly mortgages in a bid to turn an attractive pool of student-loan borrowers into lifetime customers.
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28 The United States Of Fintech: The Most Well-Funded Fintech Startup In Each State
CB Insights
OCTOBER 26, 2017
California-based lending unicorn SoFi is the most well funded fintech company with just over $2B raised since 2011. Connecticut. Unicorns on the map include SoFi in California, Oscar in New York, Avant in Illinois, Kabbage in Georgia, and AvidXchange in North Carolina. Click on the image below to enlarge. Total Equity Funding ($M).
CFPB and DOJ announce redlining settlement
CFPB Monitor
SEPTEMBER 25, 2015
The joint complaint filed by the CFPB and DOJ in federal district court in New Jersey states that the action resulted from a joint investigation by the agencies of the bank’s lending practices following the CFPB’s referral of the bank to the DOJ pursuant to the ECOA. The proposed consent order requires the bank to pay a $5.5
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Impact Roadshow | Meriden, CT
Filene
SEPTEMBER 21, 2017
Local Host: Credit Union League of Connecticut. QCash - An omni-channel lending solution that offers relationship based underwriting (without credit check) to members in search for small, short-term unsecured loans. 2:00 p.m. - Filene Host: Tansley Stearns. Click the arrow below to REGISTER for this event: WHAT IS AN IMPACT ROADSHOW?
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Fintech Fundings: 21 Companies Raise $440 Million Week Ending July 23
Fintech Labs Insights
JULY 23, 2015
The biggest equity round ($50 million) went to Remedy Partners , a Connecticut-based health tech company. HQ: Darien, Connecticut. CircleBack Lending. Consumer lending P2P marketplace. HQ: South Glastonbury, Connecticut. Tags: Lending, credit, SMB. million for its mobile P2P payment service. government.
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Fintech Fundings: 9 Companies Raise $73 Million Week Ending Dec 31
Fintech Labs Insights
JANUARY 7, 2016
HQ: Shelton, Connecticut. HQ: Trieste, Tags: SMB, credit, lending, trade financing, underwriting, commerce. Tags: Consumer, credit, lending, loans, underwriting, investing, P2P. Here are the deals by size from 26 Dec to 31 Dec 2015: Weijinsuo. Person-to-person lender . Latest round: $46 million Series A. HQ: Bejing, China.
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