Main Street Lending Program Fully Operational
The Federal Reserve has finalized the last piece of the Main Street Lending Program, making it now fully operational.
Personnel File
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
Survey Finds Demand for Quality Online Banking Platforms Across Generations
Even before consumers had felt the full effects of the coronavirus pandemic and economic shutdown, customers across generations considered easy-to-use online banking an important factor when looking for a new banking relationship, according to a survey by Boston-based Aite Group.
Mass. Barrels Ahead With Next Phase of Reopening
Massachusetts will move into the third phase of its gradual plan to revive public activity in most of the state on Monday, allowing gyms, museums, movie theaters and more to resume some operations even as COVID cases surge in other parts of the country.
Reports of the Death of the Branch are Greatly Exaggerated
According to J.D. Power’s 2019 Retail Banking Satisfaction Study, more than two-thirds of consumers still rely on the teller line at their local branch location for their banking needs.
Forbearances Create Uncertain Summer for Lenders
With expanded federal jobless aid set to run out at the end of this month and a state foreclosure moratorium likely to expire almost three weeks later, concern is growing as the mortgage industry faces an uncertain summer and fall.
HarborOne Declares First Dividend Since Going Public
HarborOne Bancorp will pay its first shareholder dividend in July, a year after going fully public.
Mortgage Applications Decline Again
Purchase mortgage applications declined for the second straight week after two months of growth, according to the Mortgage Bankers Association’s latest survey.
Wakefield Card Company Acquired by a CUSO
Wakefield-based Primax, a company that designs and supports payment card programs for credit unions and community banks, has been acquired by a Florida-based credit union service organization (CUSO).
Senate Extends Paycheck Protection Program Again; $130B Left
Democrats drove a temporary extension of a popular subsidy program for small businesses through the GOP-controlled Senate late Tuesday, an unexpected development that came as spikes in coronavirus cases in many states are causing renewed shutdowns of bars and other businesses.
Supreme Court Lets Field of Membership Expansion Go Ahead
The United States Supreme Court declined on Monday to review a lawsuit by the American Bankers Association against the National Credit Union Administration, upholding a 2016 rule change affecting field of membership.
Share of GSE-Backed Mortgages in Forbearance Falls for Third Week
The Mortgage Bankers Association’s latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 1 basis point from 8.48 percent of servicers’ portfolio volume in the prior week to 8.47 percent as of June 21, 2020. According to MBA’s estimate, 4.2 million homeowners are in forbearance plans.
Hotel Developer Spotlights Pension Funds’ Role in Racial Equity
Public pension funds’ role in financing major developments presents an opportunity to increase minority-owned businesses’ participation in commercial real estate, a developer proposing a complex hotel and condo project in Back Bay said.
Billions of Dollars in PPP Funds Go Unclaimed
Billions of dollars offered by Congress as a lifeline to small businesses struggling to survive the pandemic are about to be left on the table when a key government program stops accepting applications for loans.
Leading Black Banking, Construction Execs Help Found Racial Justice Fund
Black executives at a pair of leading Massachusetts community banks and one of its biggest contractors have joined with other corporate leaders of color in Massachusetts to launch a social justice fund to support minority communities.
FHFA Extends Multifamily Forbearance
Multifamily property owners with forbearance agreements for mortgage backed by Fannie Mae or Freddie Mae are now eligible for an extension.
East Cambridge Savings Joins Main Street Lending Program
East Cambridge Savings Bank is among the first Massachusetts-based community banks to announce plans to participate in the Main Street Lending Program.
Supreme Court Makes It Easier for President to Remove CFPB Head
The Supreme Court is making it easier for the president to fire the head of the Consumer Financial Protection Bureau.
Personnel File
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
Trump Administration to Give Congress Full PPP Loan Data
After prodding from Democratic lawmakers, the Trump administration has agreed to give Congress – but not the public – complete data on the millions of small businesses that received loans from a $600 billion-plus coronavirus aid program.
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