Closing the Book on Another Year
Another year is coming to a close in the B&T newsroom, and what a year it’s been.
HMDA Changes Leave Small Credit Unions With Whiplash
Changes to reporting requirements under the Home Mortgage Disclosure Act have given small credit unions a bumpy ride in 2018, leaving them to contemplate changing their internal processes, systems and product offerings.
Momentum Building for LIBOR Replacements
Imagine you sign a contract and later learn that one of its key financial underpinnings will be replaced by something unknowable. That is the reality if you enter into a financial transaction involving the London Interbank Offered Rate, or LIBOR.
Banker & Tradesman’s Editorial Cartoon: What Does 2019 Have in Store?
2018 was a banner year for the Boston real estate market. What does the all-knowing, fortune-telling orb say about next year?
Auto Lender to Provide Debt Relief for Selling Deficient Vehicles
A Connecticut automobile lender will provide nearly $734,000 in debt relief and refunds to resolve allegations that it facilitated the sale of defective vehicles by certain Massachusetts used car dealerships, Attorney General Maura Healey announced yesterday.
Consumer Confidence Dips in December
Consumers in New England and nationally are feeling less confident about economic conditions going into the new year.
Community Good Works
Companies in the banking and real estate fields gave back to their communities in many ways recently.
Minimum Wage Hike to Benefit 662K Massachusetts Workers
The wage hike from $11 hourly to $12 on Jan. 1 is part of a multi-year phased-in increase to $15 an hour that will benefit 662,000 workers.
Massachusetts Included in 40-State Settlement for $68M
UBS will cough up $68 million for its fraudulent conduct involving the manipulation of the London Interbank Offered Rate.
Study: Homebuyers Put Less Money Down
Homebuyers nationwide are putting less money down up front.
CCC Chairman Calls on Sen. Warren for Help on Banking Rec. Marijuana
The state’s top cannabis regulator is calling on the state’s senior U.S. senator to help find more banking solutions for the adult-use pot industry.
Bill Would Bar Firings Over Private Pot Use
While recreational marijuana use is legal for adults in the state, workers can still be fired for using the drug, even if it’s outside of work and its effects have worn off by the time they return to their jobs.
Focus on Philanthropy
Every year, Banker & Tradesman rounds up a snapshot of good deeds performed by industry professionals in the finance and real estate fields to commemorate the holiday giving season. As 2018 wraps up, Banker & Tradesman is pleased and proud to acknowledge some of the fine work done by volunteers in industries and communities across the commonwealth.
A Career’s Worth of Knowledge in Premier Banking
During Clay Deutsch’s eight years at the helm of Boston Private, the former McKinsey & Co. executive saw his fair share of challenges, including issues with the bank’s up-and-coming wealth management division and a series of layoffs. However, when he retired earlier this year, Deutsch left Boston Private in much better shape than when he joined it.
Consolidation Continues in Banking Industry
The year 2018 was filled with mergers and acquisitions between publicly traded banks, mutual banks and credit unions. In total, there were 16 mergers and acquisitions announced this year, as the banking industry in Massachusetts continued to consolidate.
Mortgage Servicer to Pay $4M to Settle Claims it Failed to Help Avoid Foreclosures
A national mortgage servicing company will provide $4 million in relief for Massachusetts residents to settle allegations that it failed to help homeowners avoid foreclosure.
Survey: Banks, CUs Less Concerned About Regulation Than Last Year
U.S. credit unions and banks are feeling better about managing their risk and regulatory compliance obligations than they did last year.
Community Good Works
Employees and companies in the banking, real estate and construction industries gave back to their communities in many ways last week.
Boston Private Hires Former Credit Suisse Exec for Newly Created Corporate Strategy Role
Less than two months as the new leader of Boston Private, Anthony DeChellis is bringing in one of his former Credit Suisse colleagues to lead expansion efforts at the company.
Payment Processor to Pay $155,000 Over Data Breach Affecting Thousands in Mass.
A California company that processes payments for rental and vacation properties will pay $155,000 to resolve allegations that it violated consumer protection and data security laws by exposing the personal information of 6,800 Massachusetts residents online, Attorney General Maura Healey announced yesterday.
This Week’s Newspaper
