Banking and Lending
Federal Reserve Leaves Key Rate Unchanged, Leaves Options Open
The Federal Reserve kept its key short-term interest rate unchanged Wednesday for a second straight time but left the door open to further rate hikes if inflation pressures should accelerate in the months ahead.
Bank Customer Financial Confidence Falls ‘Troublingly’ in New Survey
American bank customers feel like their financial situation is getting more and more precarious according to a new survey by consultancy J.D. Power.
Chase, TD Bank, Citizens Bank Added Mass. Branches in October
JPMorgan Chase continued its Massachusetts expansion as it opened three branches in October, while TD Bank and Citizens Bank filed to open Boston branches, according to the latest information from the Office of Comptroller of the Currency.
Cloudier Economic Picture Expected to Keep Federal Reserve on Sidelines
The Federal Reserve is poised to leave its key interest rate unchanged Wednesday at a time when the Fed faces an economy that has proved resilient but is nevertheless under pressure.
Citizens Survey: US Business Conditions Slightly Improve
A Citizens Bank quarterly report point to a slight improvement in the business conditions in the US during the third quarter, as inflation shows signs of easing, and as the labor market and consumer spending continue to be strong despite the high interest rate environment.
Survey: Majority of All Age Groups Prefer Mobile, Online Banking
Two national studies show that US bank consumers are shifting their preferences more to digital banking platforms, both mobile and online, instead of opting to go to branches – particularly to branches inside big retailers.
Personnel File – No. 349
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s The Personnel File.
A World Away, Physically and Financially
I didn’t just travel to the other side of the globe when I went to celebrate my wedding with my family in the Philippines. I’d also returned to a completely different way of banking.
Rhode Island Redlining Case Spotlights Risk of Ignoring Cultural Bias
When we talk about the racial wealth gap, we often don’t talk about how we got here: redlining, and the role some financial institutions play in continuing to lock Black and brown families out of wealth creation.
Aspiring American ‘Everything App’ Faces Leadership Challenge
Should X, formerly Twitter, manage to go through with its owner’s recently stated goal of turning it into America’s first app for “someone’s entire financial life,” banking regulators will have a thorny problem on their hands.
Eastern Bank Reveals Three Troubled Boston Office Loans
The dollar volume of Eastern Bank’s non-performing loans jumped by $17 million thanks to three non-performing commercial office buildings in Boston’s Financial District.
Pause Bill Would Let Banks Delay Suspicious Transactions
Secretary of State William Galvin urged lawmakers Tuesday to act quickly to address what he said is an uptick in scams targeting senior citizens and other vulnerable people.
Lowell Five Relocates Flagship Branch to 170-Year Building
Lowell Five Bank said it moved its flagship branch in downtown Lowell from 34 John St. to a building at 60 Fletcher St., formerly owned by McKittrick Industrial Supply.
Community Good Works
Brookline bank organized and donated 100 backpacks stuffed with school supplies for recently-arrived Haitian and Venezuelan migrant families with children. See who else gave back.
Brookline Bank Profits Grow Conservatively Quarter-on-Quarter
Brookline Bank reported a slight improvement in net income for the third quarter versus the previous quarter, faring better than most banks amid industry-wide margin compression.
Healey Bullish, but Index Pans Mass. Biz Tax Climate
Continuing her tax reform victory lap, Gov. Maura Healey spoke to State Street executives Wednesday flanked by signs that read, “Saving Businesses Money.” But Massachusetts recently slid 12 places on an influential ranking of tax competitiveness.
HarborOne Profitable in Third Quarter on Higher Deposits, Loans
Brockton-based HarborOne Bank saw profitability quarter-on-quarter as it attracted more deposits and slightly more loans, despite the high-interest rate environment dragging its performance year-on-year.
Cambridge Savings Bank CEO to Retire
The head of one of the region’s 10 biggest banks, Cambridge Savings Bank, said he plans to retire after slightly over 10 years at the bank’s helm.
Federal Bank Regulators Release CRA Updates
The final version of federal bank regulators’ latest attempt to bring the nation’s anti-redlining rules into the 21st century has been revealed after the Federal Reserve Board of Governors voted Tuesday to issue a final rule revamping its Community Reinvestment Act regulations.
Banking Laws Lag as Money Transfers Surge
Massachusetts residents used mobile payment platforms like Venmo or CashApp to send or receive more than $31 billion last year and financial regulators at the Division of Banks fear that the public is under the false impression that the activity is regulated.
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