banks

Security Breach
10:34 am
Thu August 28, 2014

Russian Hackers Reportedly Hit JPMorgan, Other Banks

JPMorgan Chase & Co. headquarters in New York. The bank is one of several reportedly targeted by Russian hackers.
Seth Wenig AP

Originally published on Thu August 28, 2014 11:21 am

The FBI says it's working with the Secret Service to investigate reports that Russian hackers breached security at JPMorgan Chase and other financial institutions, stealing customers' account information in possible retaliation for U.S. government sanctions on Moscow.

"We are working with the United States Secret Service to determine the scope of recently reported cyberattacks against several American financial institutions," FBI spokesman Joshua Campbell said in a statement late Wednesday.

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Consumers
3:44 am
Tue August 26, 2014

Many Homeowners Still Qualify For Mortgage Relief

Mel Watt, director of the Federal Housing Finance Agency, says many homeowners who could qualify to refinance their mortgages under HARP are suspicious.
Jacquelyn Martin AP

Originally published on Tue August 26, 2014 11:47 am

The financial crisis pushed millions of Americans from their homes. And housing advocates complain that the government did more to prop up big banks on Wall Street than it did to help average people on Main Street.

But many of those people on Main Street could still qualify for a government program to help them save money by refinancing their mortgages.

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Fraud
10:53 am
Thu August 21, 2014

Bank Of America Reaches Record Settlement Over Mortgage Meltdown

Countrywide, acquired by the Charlotte, N.C.-based Bank of America in the wake of the 2008 financial collapse, accounts for most of the allegations of wrongdoing against BofA.
Damian Dovarganes AP

Originally published on Thu August 21, 2014 3:33 pm

Bank of America Corp. has agreed to pay nearly $17 billion in a settlement with federal regulators over allegations that it misled investors into buying risky, mortgage-backed securities in the run-up to the 2008 financial meltdown.

The Department of Justice, which announced the $16.65 billion deal today, describes it as "the largest civil settlement with a single entity in history."

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Banking Regulation
8:45 am
Wed May 28, 2014

Reports: Royal Bank of Scotland to Slash Hundreds of U.S. Jobs

The Royal Bank of Scotland's headquarters building in Stamford.
Credit Royal Bank of Scotland

The Royal Bank of Scotland could lay off hundreds of its U.S. employees, according to new reports. The company has its North American headquarters in Stamford.

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Postal Woes
3:25 am
Fri February 7, 2014

Post Office Could Rack Up Billions By Offering Money Services

U.S. Postal Service clerks help customers at the Los Feliz Post Office in Los Angeles.
Kevork Djansezian Getty Images

Originally published on Fri February 7, 2014 11:26 am

As the U.S. Postal Service continues to lose money each year, a new report suggests a way to add to its bottom line: offer banklike services, such as a check cashing card that would allow holders to make purchases and pay bills online or even take out small loans. The idea is to provide services that are now unavailable in many communities.

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The Faith Middleton Show
1:33 pm
Tue February 4, 2014

Protecting and Growing Your Money

Credit _J_D_R_/flickr creative commons

Our financial analysts look at protecting and growing your money.

On this fresh edition of The Faith Middleton Show, the markets have been dropping despite some good economic news. Are investors truly spooked or taking profits? What's going on? Are we in for one of those rocky years in the market, and if so, our guests take your calls and talk about protecting and growing your money.

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Community Banking
8:22 am
Mon November 11, 2013

DeStefano Steps Up at New Haven's Start Bank

John DeStefano talking to Start Bank employees.
Credit Start Bank

The end of an era in New Haven finally seemed like reality last week as Toni Harp won election to the mayor's office. The man she's replacing, John DeStefano, is following 20 years at the head of city government with another prominent role in New Haven. He'll become an executive at New Haven's Start Bank.

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Banking
4:21 pm
Tue October 22, 2013

Study: Community Banks Essential, But Challenged

Credit TWP / Creative Commons

Community banks are a vital part of the credit landscape, according to a new report. Despite their popularity with customers, their numbers are shrinking. Federal regulators joined with state authorities to take an in depth look at community banking around the country in what's being viewed as the most comprehensive study of its kind. 

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Economy
12:02 pm
Thu September 19, 2013

UConn Economist: Spend Less, and Risk Being Worse Off

Credit Connecticut Center for Economic Analysis

Economists at the University of Connecticut are calling on the state to use bonds that have been approved by the legislature but never issued. The Connecticut Center for Economic Analysis forecast reports that if the state relies only on traditional drivers like the housing market to grow the economy, it could begin to lose jobs again in 2014.

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Bridgeport
3:40 pm
Tue September 17, 2013

Community's Bank Depositors to Receive Checks

The Community's Bank in Bridgeport went into receivership.
Credit <a href="http://www.nbcconnecticut.com/news/local/Bridgeport-Bank-Shuttered-223691121.html" target=new>NBC Connecticut</a>

Customers who had money in The Community's Bank in Bridgeport should receive their insured deposits back this week after the bank failed and was put into receivership. It's the first bank failure in Connecticut in more than a decade.

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Lending
8:03 am
Tue August 27, 2013

Microloans Benefit Connecticut Mom and Pops

Sujata Srinivasan

In an ongoing effort to create growth for mom and pop businesses in the state, the U.S. Small Business Administration is making capital available to Connecticut Economic Development Fund, a non-profit offering micro-loans. WNPR’s Sujata Srinivasan has more.

James Dufour owns Connecticut Carpentry in Meriden. He makes cabinets for hospitals and employs seven people. Up until the start of the financial crisis, the nearly 30-year-old business had little trouble accessing bank loans. 

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The Two-Way
4:12 pm
Tue August 6, 2013

U.S. Sues Bank Of America Over Mortgage-Backed Securities

Originally published on Tue August 6, 2013 4:33 pm

The Department of Justice announced Tuesday that it was suing Bank of America for allegedly lying to investors about the riskiness of about $850 million worth of mortgage-backed securities back in 2008.

According to a press release by the Justice Department, the action is part of efforts of the Obama administration's Financial Fraud Enforcement Task Force's RMBS Working Group.

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Student Loans
2:42 pm
Fri June 28, 2013

Student Loan Interest Rates Set to Double on July 1

With a July 1 deadline looming, it seems unlikely that Congress will be able to stop interest rates on new federal student loans from doubling.  But there may be time to address the situation before classes begin next fall.

About 7 ½ million students nationwide pay for a portion of their college tuition through subsidized Stafford Student loans. Right now, interest rates will go from 3.4% to 6.8% on July 1st.

"There is a window of opportunity for Congress to still act."

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Affordable Banking
12:23 pm
Thu July 26, 2012

Helping The "Unbanked"

According to the FDIC, about 73,000 Connecticut households do not have bank accounts. These families often pay substantial fees to cash checks and pay bills, and may have a tough time establishing credit. There's a new state program aimed at helping the so-called "unbanked".

After bounced checks and financial difficulties, retired postal employee Juan Rosario was told by his bank that he’d never have another bank account or get a debit card.

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Where We Live
11:22 am
Thu November 3, 2011

A Banking Roundtable

Chion Wolf

President Obama just unveiled a new plan to help homeowners avoid foreclosure...but what other help is out there?

The state of Connecticut is working to help homeowners as well...sponsoring a mortgage assistance event  on Tuesday November 15.  

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Higher Education
10:47 am
Fri October 14, 2011

First Niagara Bank Donation To Support Manchester Community College Expansion

First Niagara Bank has announced a $1.3 million donation to Manchester Community College and the town of Manchester. The funds will be used to support the college’s expansion into downtown.

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Job Cuts
11:49 am
Thu August 25, 2011

UBS Will Stay, But Job Cuts Forecast

Harriet Jones

Swiss bank UBS will retain a significant presence in Stamford after the state of Connecticut extended the company a $20 million loan. But, as WNPR’s Harriet Jones reports job cuts seem likely at the bank’s Connecticut operations.

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Financial Reform
8:32 am
Fri October 29, 2010

UConn Law Professor to Oversee Mortgages in Financial Bureau

A prominent UConn law professor has been tapped to advise the new Consumer Financial Protection Bureau, founded under the Dodd-Frank financial reform act. Patricia McCoy will be working on mortgages. McCoy is the director of UConn law school’s Insurance Law Center and an expert on consumer finance issues. She’s been a prominent commentator on the foreclosure crisis, and an advocate of protecting the rights of homeowners who were the victims of predatory lending.

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