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FINTECH ­COLLABORATOR: University of Rhode Island assistant professor H. Zafer Yuksel believes having URI join the Mass Fintech Hub will provide big benefits to Rhode Island students studying financial technology. 

URI hoping to close state’s fintech gap with cross-border alliance

In the relatively nascent sphere of financial technology, Rhode Island – echoing its relationship to the biotech industry – hasn’t caught up with neighboring...
COMPANY CRED: Bacary Diatta says his food company Kassumay LLC is going well, but it could be doing better if it was easier to obtain a business loan. 

Fear grows about reduced ability to access capital

When Bacary Diatta moved from Senegal to the United States in 2018, he knew he wanted to start a business that would add value...
ALL IN: Citizens Financial Group Inc. has hired more than 100 people from the former First Republic Bank’s wealth management arm in order to launch its own private bank to service high-wealth clients. 

Citizens looks to capitalize on its new private bank

When San Francisco-based First Republic Bank imploded last spring and its financial assets were sold to JPMorgan Chase & Co., Citizens Financial Group Inc....
IN THE DRIVER’S SEAT: Frederick Reinhardt, CEO and president of Greenwood Credit Union, says more people were turning to Greenwood and other credit unions for auto loans as interest rates changed over the last year. 

Suddenly, auto loans popular at credit unions

Frederick Reinhardt immediately noticed something was up – way up – last year shortly after the Federal Reserve began hiking interest rates from nearly...
NO PROBLEM YET: Rebecca Twitchell, owner of Half Full LLC consulting agency in Providence, says access to capital has not been a concern of hers so far, even though there are increased worries about a coming credit crunch in the small-business ­community. 

Should R.I. businesses prep for potential credit crunch?

After a tumultuous first half of 2023 for U.S. banks, many observers fear that a credit crunch is fast approaching, if it hasn’t already...
IMPROVED FORMULA? Joseph Baptista, president of Anchor Financial Mortgage Inc. in Pawtucket, says the Federal Housing Finance Agency’s plan to change the way risk-based fees are applied to home loans seems logical.

Changes in mortgage fee structure may shake up industry

Charging higher fees to a borrower who makes less money and has more debt has historically been the best way for mortgage lenders to...

Many banks consolidating jobs as economy shifts

While restaurants and retailers were laying off their workers at the onset of the COVID-19 pandemic, banks embarked on a hiring spree in the...
RETAIL TEAM: Amy ­Arruda, senior vice president of retail banking at Washington Trust, right, with Melanie Connelly, vice president of retail banking, at the bank’s Westerly headquarters. / PBN PHOTO/ELIZABETH GRAHAM

Deferred loans, waived fees part of pandemic response for banks

The consumer messaging of banks and credit unions through the COVID-19 pandemic has been consistent: we’re here for you. When it comes to bank fees...
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