September 28 – Financial lending institutions use a variety of measures, such as personal demographics and financial and career history to make decisions on loan applications. New research from Columbia Business School suggest that institutions should add a new measure – the verbiage authored by applicants on loan applications to determine the likelihood of default.
Bank honored by premier investment banking firm for annual performance in consistent profitability
September 25 – Belmont Savings Bank, a full-service Massachusetts savings bank serving the town of Belmont, MA and other surrounding towns, today announced it has received the prestigious 2017 Sandler O’Neill Sm-All Star Award for being a top performer among over 400 small-cap banks and thrifts across the country. (more…)
September 27 – Although the FDIC and Department of Justice have publicly stated that Operation Choke Point has been terminated, the program’s lingering effects are still being felt by ATM operators, reports the ATM Industry Association. ATMIA has released an Operation Choke Point Resource Kit to aid ATM operators. The kit includes documents that provide some history on Operation Choke Point, information on efforts to end it, FinCEN forms and instructions, and an Operation Choke Point checklist and recommendations. (more…)
September 26 – The Consumer Financial Protection Bureau has finalized regulations that provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information required under the Equal Credit Opportunity Act. Separately, the CFPB also seeks comment on proposed policy guidance describing the Home Mortgage Disclosure Act data the bureau proposes to make available to the public beginning in 2019, including modifications to protect consumers’ privacy. (more…)
September 25 – The “Dot Plot” predicts one more rate increase this year, and in October the Federal Open Market Committee will initiate its long-awaited balance sheet normalization program. The dot plot – FOMC participants’ assessments of appropriate monetary policy going forward – suggests three more rate increases in 2018. And that’s pretty much all the news from the committee’s statement following its meeting last Tuesday and Wednesday (Sept. 19-20). Except of course, for this familiar phrase, “In view of realized and expected labor market conditions and inflation, the committee decided to maintain the target range for the federal funds rate at 1 to 1.25 percent. (more…)