Connecticut AG Launches Antitrust Probe Into Amazon’s eBook Business

PYMNTS

Connecticut Attorney General William Tong is launching an antitrust probe into how Amazon runs its eBook business, the Wall Street Journal (WSJ) reported on Thursday (Jan. This is Connecticut’s second look into Amazon’s eBook unit.

SMB Profile: Looking Forward To Christmas In Connecticut

PYMNTS

Like all the towns on the Connecticut shoreline, Guilford is centered around a village green. Retail brick and mortar Connecticut COVID-19 News SMBsOn its north side stands a picture-postcard, white-steepled church.

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Four Banks Partner to help Connecticut’s Underbanked

Banking Exchange

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.

Connecticut Community Bank Offers Highest 18-Month CD Rate in CT

BankDeals

Connecticut Community Bank, N.A. is currently offering an 18-month CD with the highest rate in Connecticut. Minimum opening deposit is $500. Also available as an IRA CD

Connecticut bank sued for alleged discriminatory mortgage lending

CFPB Monitor

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. The complaint describes the Bank as “the eighth-largest conventional home purchase lender and eleventh-largest refinancer in Connecticut.”. Fair Lending State CFS Monitor State Enforcement CFPB connecticut fair lending redlining

Connecticut Learns From NY’s Payroll Card Strifes

PYMNTS

28) said Connecticut is preparing for a new statute to legalize payroll cards. According to reports, Connecticut rules aim to address those drawbacks; the state bans employers from imposing additional costs on employees for using the cards, while any payroll card an employer decides to use must be linked with a “substantial number” of ATMs that don’t charge fees.

Essex Savings in Connecticut lines up next CEO

American Banker

Diane Arnold, who will succeed the retiring Gregory Shook in July, has been with the bank since 2002. She is currently the chief lending officer. Community banking Growth strategies Succession planning Women in Banking

Connecticut Banking Dept. takes no-action position on new demographic data reporting requirement for sales finance companies

CFPB Monitor

In August 2018, we reported about significant changes to Connecticut’s licensing laws for consumer financial services providers that were to take effect on October 1, 2018. A licensee is required to submit the demographic records collected between October 1, 2018 and June 30, 2019 to the Connecticut Banking Department by July 1, 2019. Auto Finance Fair Credit State CFS Monitor State Licensing connecticut

Patriot in Connecticut buys portfolio of prepaid debit card deposits

American Banker

The company said the acquisition should lower its funding costs and shore up its net interest margin. Deposits Prepaid cards M&A Community banks

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

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

American Banker

The $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. Consumer lending Community banking Coronavirus Small-dollar lending

Patriot National hires outsider as next leader

American Banker

The Connecticut company recruited Robert Russell from Millington Bank to become its president and CEO. Connecticut Succession planning Community banks Recruiting

Webster discloses plan to cut tenth of annual expenses

American Banker

The Connecticut company, which began reviewing its operations in January, said the effort gained momentum when the coronavirus pandemic hit. Connecticut Earnings Revenue and expenses Branch network

New York To Sunbelt State Tourists: Stay Home

PYMNTS

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. In determining which residents of which states will be included in the quarantine, officials in New York, New Jersey and Connecticut say they will look to the seven-day rolling average of infections per 100,000 residents.

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

CT Gov: First Wave Of $600 Jobless Payments Were Sent

PYMNTS

Connecticut Gov. Connecticut’s $600 payments exceeded $89 million, according to the governor. Coronavirus benefits Connecticut COVID-19 funds jobless News payments unemployment What's HotNed Lamont said his state’s first batch of $600 weekly federal stimulus unemployment payments were issued last weekend, NBC reported. . The additional weekly check, part of the federal Coronavirus Aid, Relief and Economic Security (CARES) Act, is r etroactive to March 27.

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

CT federal district court rules state’s demands to PHEAA for federal student loan documents preempted by federal law

CFPB Monitor

The Connecticut federal district court has ruled in Pennsylvania Higher Education Assistance Agency v. Perez that demands by the Connecticut Department of Banking (DOB) to the Pennsylvania Higher Education Assistance Agency (PHEAA) for federal student loan documents are preempted by federal law. of ED Preemption Regulatory and Enforcement Student Loans connecticut pheaa preempt student loan

Collinsville Bank (CT) Kasasa Cash Available Statewide

BankDeals

Collinsville Bank's Kasasa Cash offers a competitive rate and is available statewide in Connecticut and in three Massachusetts counties

What finally brought M&T and People's United together

American Banker

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. Deposits Revenue and expenses M&A Commercial lending

People's United agrees to sell insurance unit

American Banker

The Connecticut company will receive $120 million in cash from AssuredPartners for People's United Insurance Agency. Insurance M&A Growth strategies

NCUA bans two for embezzlement, larceny

American Banker

The regulator issued prohibitions for former credit union employees in Virginia and Connecticut. Prohibition orders Financial crimes Credit unions NCUA Embezzling

Millbury National Bank Offers Kasasa Cash and Saver in the Northeast

BankDeals

Millbury National Bank's Kasasa Cash and Kasasa Saver are available in Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont

People's United plans to close 140 in-store branches

American Banker

The Connecticut company said it will take several years to shut down the locations, which are located in Stop & Shop stores. About 80% of the branches are within five miles of traditional locations. Expense management Branch network Growth strategies

Could States Tax MERS Out of Existence?

New York's State of Mind

On Halloween, the Supreme Court decided that it would not hear an appeal challenging the constitutionality of a Connecticut law which takes direct aim at the MERSCORP model. If you provide mortgages, there is a good chance that you benefit from the efficiencies brought about by the MERS system Connecticut has a typical mortgage recording […].

Health savings account business lags at Webster

American Banker

The slowdown in elective medical procedures caused by the coronavirus pandemic led to less spending from HSAs and a decline in interchange income for the Connecticut bank.

Today In Payments: CT AG Launches Antitrust Probe Into Amazon’s eBook Business; Petco’s $864 Million IPO Beats Forecasts

PYMNTS

In today’s top news, Connecticut’s Attorney General has opened an antitrust probe into Amazon’s eBook business, and Petco beat expectations in its IPO. Connecticut AG Launches Antitrust Probe Into Amazon’s eBook Business.

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Market Commentary: Week of April 6, 2020

SWBC's LenderHub

From the old adage, “seeing is believing,” COVID-19 has begun to ravage New York and the New York City Metro Area (New Jersey and southern Connecticut) and key markets such as Agency MBS and Municipals began to feel shaky again. What happened? Another wild and exhausting week in the financial markets.

Citi says 30% of its NYC workers want to return to the office

American Banker

A survey sent to workers in New York, New Jersey and Connecticut last month found that most wanted to start by returning to the office just a few days a week

M&T Bank Closing In On $7 Billion Acquisition Of People’s United

PYMNTS

People’s United is headquartered in Bridgeport, Connecticut. M&T Bank Corp is closing in on an acquisition deal to buy People’s United Financial for more than $7 billion, The Wall Street Journal (WSJ) reported on Monday (Feb. 22), citing sources.

Travel Quarantine Presents New Challenges for Your CU

New York's State of Mind

this morning Governor Cuomo joined the Governors of New Jersey and Connecticut in imposing a 14 day quarantine on persons entering the Tri-State area from states experiencing spikes in the COVID-19 virus. At 12:01 a.m. According to press reports, the quarantine currently impacts persons traveling from Alabama, Arkansas, Arizona, Florida, North Carolina, South Carolina, Utah […]. Compliance COVID-19 HR New York State executive order Governor Cuomo paid family leave travel ban

Amazon Cuts Delivery Contracts; 1,200 Jobs Lost

PYMNTS

Despite a 40 percent increase in revenue in the second quarter, Amazon has cut more than 1,200 delivery contract jobs. CNBC reports the eCommerce leader has ended contracts with several small delivery firms across the U.S., spurring layoffs and causing them to pull out of Amazon facilities.

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. The crisis made the need for the plan greater — and the job harder. Webster Bank Community banking Regional banks Coronavirus Succession planning Disaster recovery

Google Slapped With Antitrust Lawsuit Filed By Coalition Of 38 States

PYMNTS

A coalition of 38 state attorneys general filed an antitrust lawsuit against Google , accusing the search giant of engaging in anti-competitive practices, the Associated Press (AP) reported on Thursday (Dec. The federal lawsuit was filed in Washington, D.C.