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Market Commentary: Week of April 6, 2020

SWBC's LenderHub

Another wild and exhausting week in the financial markets. From the old adage, “seeing is believing,” COVID-19 has begun to ravage New York and the New York City Metro Area (New Jersey and southern Connecticut) and key markets such as Agency MBS and Municipals began to feel shaky again. What happened?

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Connecticut federal court allows CFPB claims to proceed against mortgage company and principals for alleged licensing and other violations

CFPB Monitor

A Connecticut federal district court has refused to dismiss claims filed by the CFPB against a mortgage company and three of its principals for alleged Truth in Lending Act (TILA), Mortgage Act and Practice (MAP) Rule, and Consumer Financial Protection Act (CFPA) violations.

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Tonal Seeks More Funding To Produce $3K Home Workout Stations

PYMNTS

Discussions are taking place with Connecticut-based L Catterton, which was a key player in Tonal’s $45 million venture capital funding round in 2019. “There is nothing like Tonal on the market today. Tonal charges $49 per month for virtual personal training sessions.

Exercises 233
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Varo Achieves Milestone As First Consumer FinTech To Get National Charter

PYMNTS

“Varo coming in as a full national bank, with an already proven market fit and massive demand for more-affordable digital-banking solutions, is a very exciting moment,” Walsh told Bloomberg. Last month, Varo closed on a $241 million Series D funding round. Varo said it will use the investment to grow and create new products.

National 172
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Commercial Credit Trends – Where to Tread Carefully

South State Correspondent

This data is critical for pricing, capital allocation, and marketing. Regarding volatility, Alabama is projected to have the most significant variability in credit, while Connecticut is expected to have the most minor variability. Getting more granular in credit risk means a more efficient allocation of capital.

Trends 195
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Growing a mortgage portfolio: Encourage borrowers to bank local

Abrigo

• Hartford, Connecticut – United Bank ($1.19 Flagstar capitalizes on going local, too. Leveraging the go local movement to boost a bank’s lending portfolio may be as simple as targeted marketing. • Denver, Colorado – Colorado Federal Savings Bank ($558 million). Blog Bank'

Cleveland 150
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OCC outlines risk plan as Northeastern loan growth doubles

Abrigo

The tri-state area (New York, New Jersey and Connecticut) saw the highest growth in the district, an impressive 7 percent. The OCC on Oct. This metric surged from 2 percent as of June 30, 2013, to 4.4 percent as measured on June 30 of this year. This is slightly below pre-financial crisis levels, but denotes a sizable step toward recovery.