Former BofA Banker Sentenced to Prison
A former client relationship manager at Bank of America was sentenced to one year in prison for embezzling $1.5 million from a client company and using a portion of those funds to purchase luxury items.
Black Lives Matter to Banks, But Not Banking
Two weeks ago five of the nation’s largest banks did an about-face, asking shareholders to vote against proposals calling for third-party racial equity audits. But here’s the truth: What you don’t measure, you can’t manage.
Two Financial Tenants Sign Leases at Cityside
Financial services tenants have signed a pair of leases totaling 36,818 square feet at The Davis Cos.’ Cityside office complex in Waltham.
Bank of America Pledges $15B for Homeownership Initiative
Bank of America plans to triple the investment in its affordable homeownership initiative in 50 of its market areas, including Greater Boston.
BofA Survey: More than Half of Small Businesses Sought Pandemic Funding
More than half of small business owners surveyed in Greater Boston plan to apply for or have already sought funding to address the impact of the pandemic on their business, according to a recent report from Bank of America.
Community Good Works
With Thanksgiving right around the corner and cases of COVID-19 rising dramatically, banks and credit unions are stepping into the breach to help locals experiencing homelessness and hunger.
BofA Receives No-Action Letter for Consumer Loans
Bank of America will be able to offer small loans to customers under certain guidelines without facing enforcement actions from the Consumer Financial Protection Bureau.
Study: PPP, Size Affected Small Business Satisfaction with Banks
Small businesses reported more satisfaction with banks during the pandemic compared to previous years, according to a recent J.D. Power survey, but the size of the business and success with the Paycheck Protection Program affected satisfaction.
Former BofA Employee Pleads Guilty to Embezzlement
A former Bank of America employee from Abington pleaded guilty to embezzling $1.5 million from a client company and using a portion of those funds to purchase luxury items.
Local Ex-BofA Manager Charged with Embezzlement
A former Bank of America manager has been charged with embezzling $1.5 million from a client company and using some of the money to fund a lavish lifestyle, including a luxury vehicle, prosecutors said Thursday.
BofA’s Mahoney Dies Following 2019 Bike Accident
James Mahoney, a senior Bank of America executive and former chief spokesman for the Federal Reserve Bank of Boston, died from injuries sustained in a biking accident a year ago.
Fed Stops Big Banks from Buying Back Stock, Caps Dividends
A worst-case scenario for the U.S. economy ravaged by the coronavirus pandemic would cause the nation’s 34 largest banks to collectively lose roughly $700 billion, the Federal Reserve said Thursday.
House Demands PPP Loan Info from Treasury, Banks
A House subcommittee investigating billions of dollars in coronavirus aid is demanding that the Trump administration and some of the nation’s largest banks turn over detailed information about companies that applied for and received federal loans intended for small businesses.
Lowell Mixed-Income Housing Project Gets $38M Loan
An enclosed sky bridge will link two parcels in Lowell’s Hamilton Canal Innovation District as part of a 125-unit workforce housing project by Boston-based WinnCompanies.
OCC CRA Changes Could Complicate Housing Finance
As banks have sought opportunities to satisfy Community Reinvestment Act requirements by lending in low- and moderate-income communities, affordable housing organizations have found willing partners for their projects.
Roxbury Affordable Project Lands Permanent Loan
An $18 million, 49-unit affordable housing development in Roxbury has secured permanent financing from the Massachusetts Housing Partnership in the midst of the COVID-19 pandemic.
12 Boston Housing Lenders to Offer Three Month’s Deferred Mortgage Payments
Twelve of Boston’s biggest housing lenders will offer homeowner borrowers in the city three months or more of deferred mortgage payments if they can demonstrate they have been financially impacted by the coronavirus crisis.
Small Business Loans Launch, Hit Snags
The federal government’s $349 billion relief program for small businesses got off to a rocky start Friday as hundreds of thousands tried to apply for desperately needed loans.
Community Good Works
With the coronavirus pandemic crashing into Massachusetts like a tidal wave, several area banks stepped forward to help cushion the blow to their communities.
Former Banker Returns to DOR as Commissioner
A veteran of three of the largest banks on Wall Street will start next week as the commissioner of the Department of Revenue.
