Connecticut bank halts small-dollar loan program due to high demand

American Banker

Consumer lending Community banking Coronavirus Small-dollar lendingThe $5.9 billion-asset Liberty Bank in Middletown had set aside $5 million to make small-dollar loans to customers affected by the coronavirus pandemic.

New York To Sunbelt State Tourists: Stay Home


With coronavirus infection rates soaring in the Sunbelt, the governors of New York, Connecticut and New Jersey are teaming up to slap a 14-day quarantine on travelers from states where the deadly virus is spiking. Phil Murphy and Connecticut Gov.

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First Connecticut Commits $5M to Small-Business Lending in Mass.

American Banker

First Connecticut Bancorp in Farmington has committed to making $5 million in small-business loans over the next year. small-business commercial-lending breaking_news community-banking

Activist investor to join Bankwell's board

American Banker

The Connecticut company will appoint Lawrence Seidman to become a director at its next annual meeting. Community banking M&A Activist Investors Connecticut

Provident in Massachusetts buys warehouse lending business

American Banker

Community banking M&A Warehouse lenders Mortgages Massachusetts Florida ConnecticutThe company acquired ResX Warehouse Lending from People's United Financial.

Why this regional bank is dumping N.Y. multifamily loans

American Banker

People's United in Connecticut is letting the loans run off its books as it invests in higher-yielding commercial loans. Community banking Commercial lending Earnings Multifamily Connecticut Massachusetts New York

Mobile apps for community banks: In search of business value


Aware of the disruptive changes in how banking products and services are delivered, community banks continue adopting new technologies to keep up with competition and customers’ demand. Will a mobile banking app really help to solve community banks’ challenges or is it just a waste of money?

No quiet retirement for longtime Webster Financial chief

American Banker

James Smith, who recently completed his gradual transition out of banking, was spearheading a public-private economic development plan for Connecticut when the coronavirus pandemic hit. Webster Bank Community banking Regional banks Coronavirus Succession planning Disaster recoveryThe crisis made the need for the plan greater — and the job harder.

Regional Banks Guide Corporates To Future-Proof Accounts Payable


” B2B Payments accounts payable AP automation B2B bank fintech collaboration banking community banks FinTechs News People's United Bank regional banks

How This Niche Lender Found a Way to Branch Out

American Banker

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. marketplace-lending dealmaking-strategy mortgage community-banking

Bucking Convention, These Banks Are Adding Staff in Their Branches

American Banker

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.

Key to Digital Banking: Pair Techies with Customer-Facing Staff

American Banker

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. … community-banking consumer-finance digital-banking mobile mortgage student-loans bank-technology

Growing a mortgage portfolio: Encourage borrowers to bank local


With mortgage rates down in the US , many homebuyers are looking locally to their community banks to finance their new, potentially life-changing purchase. For each city, highlighted is the top community bank by mortgage volume, along with their residential loan figure.

To Win in Digital Banking, Get Techies Talking to Service Reps

American Banker

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. … community-banking consumer-finance digital-banking mobile mortgage student-loans bank-technology

Cannabis Companies Would Be Eligible For COVID-19 Relief Under Bill


This is an election year and several states, including New Jersey, Arizona, South Dakota, New York, Connecticut and Rhode Island, have bills about cannabis legalization on the ballot or might have those bills.

Empty Steel Canyons In NYC As Commuters WFH?


For a microcosm of how it all might shake out, and what the ripple effects may be, consider the case of Greenwich, Connecticut. Greenwich is known as a community that is home to a number of Wall Streeters who make the trek into New York’s steel canyons day in and day out.

CVS To Open 50+ COVID-19 Drive-Thru Testing Sites


As it works to address the pandemic with testing, CVS Health plans to open over 50 COVID-19 testing sites at designated CVS Pharmacy drive-thru locations throughout Connecticut, Florida, Arizona, Pennsylvania and Massachusetts.

Accounting About-Face

Independent Banker

She explained why lawmakers should exempt community banks from Basel III capital rule. Community bankers score big changes in final credit-loss standard. Connecticut headquarters. Speaking Out—ICBA Chairman Rebeca Romero Rainey (far left) testified in June before the U.S.

Aiming for Earnings

Independent Banker

More than ever, community banks are exploring new ideas and unconventional approaches to achieving greater profitability. on profitability in community banking. Connecticut bank mobilizes hands-on teams to boost branches. Data analytics begins opening new doors to community bank earnings. After all is said and done, profitability equals bottom-line. success. Nothing can happen without it.

College Pays Off Hackers With $28K In Bitcoin


Joseph Moreau, vice chancellor of technology at Foothill-De Anza Community College District in Silicon Valley, was quoted as saying : “Ransomware has rapidly risen, from my perspective, to be one of the foremost threats we’re facing in information technology, anywhere, let alone in higher ed.”. Hackers reportedly hit the University of Virginia, the University of Central Florida, the University of Connecticut and Michigan State University, to name a few.

The Digital Evolution Of The Online Gaming Ecosystem


RotoGrinders is a website that provides the DFS community with various bits of data, including game-specific weather forecasts. In 2018, the Supreme Court struck down a 1992 law passed by Congress that made it illegal for most states to legalize sports betting within their borders.

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Accounting Liabilities

Independent Banker

A New Accounting Twist—ICBA’s accounting expert James Kendrick tells community banks to closely watch for the Financial Accounting Standards Board’s pending new standards for recognizing credit losses, much earlier than currently required. IB: How would this affect community banks?

More Security In Wake Of Mall Brawls


Some states, including Connecticut and Tennessee, reported multiple incidences. In a statement, the ICSC was quoted as saying : “Malls are a place for communities to shop, eat, be entertained and come together, particularly during the holiday season. ‘Tis the season to riot.

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Why Banks Merge: Listen to the Sellers

Jeff For Banks

Our combined financial institution will offer a wider array of products and services while continuing our long-standing personal commitment to our customers and community." - Gregory Schreacke, President of First Financial Service Corporation in Elizabethtown, KY on his bank''s sale to Community Bank Shares of Indiana, Inc.

Amazon’s Great Infrastructure Expansion Rolls On — Now With A New Logistics IT Center


So do the college communities of University of California, Santa Barbara and University of Cincinnati. Joining Texas Tech this year will be The Georgia Institute of Technology and California State University, Long Beach, as well as in the college communities of University of Akron and University of Connecticut. It seems we can’t get through a week without announcing yet another expansion in Amazon’s shipping logistics infrastructure project.

Datto CEO On Waiting For A Buyer Who Understands The Business

CB Insights

“I ended up turning down the offer because the company loved our technology, but didn’t actually really love Connecticut or the team that we built,” he said.

Bridging Banking Gaps For Cannabis Companies


Thus, any number of new revenue opportunities open up for banks and credit unions, and Hart said community FIs need new deposits to survive — a goal common to any business.

Ohio Lottery Makes A New Bet on Mobile


In Connecticut, for example, you cannot buy tickets with a credit card. Gambling is an addiction very similar to drug addiction, so having increased availability is going to be easier to gamble and it will cause some additional challenges for the community,” Paula Cosby, external affairs director, Montgomery County Alcohol, Drug Addiction and Mental Health Services in Ohio, told a local reporter. The basic idea of the lottery has changed little since olden times.

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An App A Day Keeps Grocery Shoppers Coming Their Way


As a community, we need to find a way to tackle the issue of food insecurity in a manner that engenders dignity and self-respect while being economically sustainable,” Daily Table says. Up next are areas in Texas, Connecticut, Florida, Ohio and South Carolina.

CFPB and DOJ announce redlining settlement

CFPB Monitor

According to the complaint, the bank’s unlawful redlining practices included the following: In carrying out a program to expand the bank’s branches outside of New Jersey from 2004 through 2010, the bank’s management focused on markets in areas of New York and Connecticut that “form a semi-circle around the four counties in New York with the highest proportions of majority-Black-and-Hispanic neighborhoods.” Barbara S. Mishkin.

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Senate Confirms New SBA Head McMahon


McMahon made it very clear that she has the expertise, understanding and instincts necessary to bolster America’s small business community and advocate for much-needed regulatory reforms,” said Senator Jim Risch (R-ID), who is chairman of the Senate’s small business committee. McMahon’s appointment follows after two failed runs as senator for Connecticut.

11 New Restaurant Concepts Reimagining Fast Food & Casual Dining

CB Insights

Community initiatives: Loom (Massachusetts). Yet, in recent years, cash-strapped transportation agencies have been shutting down rest areas in many states, including Florida, Michigan, Ohio, and South Dakota, along with an initiative to do so in Connecticut. Community initiatives: Loom.

Why Facebook’s Business Model Isn’t Its Biggest Problem


As a firm, Cambridge Analytica makes some pretty big claims in general – namely, that it can take raw personality data from subsets of voters and develop complex models of individuals, which campaigns can then use to target and micro-target voter communities to move elections their way. There’s no question you are the right person,” Senator Richard Blumenthal, a Democrat from Connecticut, told reporters after Facebook executives briefed Senate staff on Thursday.