Connecticut Loans – CT Contra http://ctcontra.com/ Fri, 11 Jun 2021 16:12:20 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://ctcontra.com/wp-content/uploads/2021/05/default-141x136.png Connecticut Loans – CT Contra http://ctcontra.com/ 32 32 Budget, Legislative Session “Setting Course for Reconstruction of Connecticut” | https://ctcontra.com/budget-legislative-session-setting-course-for-reconstruction-of-connecticut/ https://ctcontra.com/budget-legislative-session-setting-course-for-reconstruction-of-connecticut/#respond Fri, 11 Jun 2021 16:12:20 +0000 https://ctcontra.com/budget-legislative-session-setting-course-for-reconstruction-of-connecticut/

The Connecticut General Assembly approved a two-year, $ 46.4 billion state budget with strong bipartisan support on the last day of the 2021 legislative session.

The budget, which includes no blanket tax increases, was passed by State House 116-31 and Senate 31-4, with many Republican lawmakers joining Democratic majorities in backing it.

The budget was passed by both the State House and Senate with broad bipartisan support.

State spending will increase by 2.6% in FY2022 and 3.9% the following year on the basis of the budget, which makes major investments in municipal aid, education, nonprofit providers and workforce development.

Lawmakers left the state’s record $ 3.5 billion rainy day fund intact, mobilizing $ 1.75 billion in federal COVID-19 relief funds while depositing the year’s excess dollars ongoing in the underfunded state employee pension system.

CBIA President and CEO Chris DiPentima praised Governor Ned Lamont and lawmakers on both sides of the aisle who resisted proposals for more than $ 1 billion in tax hikes.

“We will end this year with a surplus of $ 500 million, a record rainy day fund and billions of dollars in federal relief,” he said. “We are grateful that so many policymakers have recognized this and resisted proposals that would undermine our economic recovery.

“From a state budget without widespread tax increases to large targeted investments in our cities, workforce development and child care, through historic unemployment reforms, this session opens the way to the recovery of the state.

“Overall, there are many reasons to be optimistic about the state’s future based on the actions that the Lamont legislature and administration have taken over the past five months and more and the wide array of favorable economic news that turns its back on us. “

Rebuild Connecticut

DiPentima said the session addressed most of the organization’s political priorities for Reconstruction of Connecticut, designed as a roadmap for job creation and economic growth, and he thanked the bipartisan group of 55 lawmakers for State who signed the political pledge for following up on their support.

“We called for a change of mindset before the start of the session, for real collaboration and bipartisanship, so that we can capitalize on the many strengths of the state and not only restore our economy, but make it more robust than never, ”he said.

“We are grateful for the level of bipartisanship in the legislature this year, for the willingness to collaborate with business and other groups, and for the willingness of key legislative voices to speak out on economic and critical tax. “

DiPentima acknowledged that employers were disappointed with lawmakers who chose to maintain the temporary 10% corporate tax surtax, delay the repeal of the capital tax, keep the sales tax on personal protective equipment and training, and not to restore the tax credit for intermediary entities.

“We cannot lose sight of what is important. We need to continue the fiscal discipline of recent years which has seen revenue growth, a healthy rainy day fund and the recognition of Wall Street through improving the state’s credit rating, ”a- he declared.

“We must continue to fuel economic growth through policies that promote businesses and the opportunities they create for our communities and all of our residents, as the pandemic underscored.

“And let’s make sure we continue to attract residents and businesses to the state, taking full advantage of the competitive advantages New York and Massachusetts offer us through their tax policies.”

Strong points

Budget Highlights:

  • No “consumption” tax. This proposed tax hike was in fact not tied to any consumption and, in effect, was only a surtax on personal income tax. It would have generated between 500 and 800 million dollars per year in new income.
  • No tax on digital advertising. Aimed at media advertising platforms, this tax would have generated around 150 to 175 million dollars per year, which would have been fully passed on to the many companies advertising online.
  • No increase in capital gains tax. The Finance Committee proposed a 2% surtax on capital gains that would translate into additional income of $ 262 million per year. The governor has been unwavering against this proposal from the day of the opening of the session.
  • The R&D tax credit has been restored to 70%. This will be done in two stages starting in fiscal year 2022. It should be noted, however, that the carry forward of new R&D tax credits will be limited to 15 years.
  • The corporate surtax will remain temporary and will run until 2022. Although this “temporary” tax may never go away, pushing back the expiration date, rather than making it permanent as originally proposed, prevents it from being added to the liabilities of various deposits made. by listed companies.
  • The phasing out of the capital tax will be postponed until 2024. The capital tax was to begin to disappear this year. However, pushing the expiry date back a few years generates roughly $ 90 million for the state over a three-year period.
  • No tax / revenue from the Transport Climate Initiative. The multi-state deal would generate around $ 100 million in revenue from fuel wholesalers, which would ultimately flow to consumers at the gas pump.
  • No health insurance report. The HIT tax was to be collected from our state’s health insurers for the purpose of providing additional health insurance subsidies to certain segments of our state’s population. The problem, however, is that the valuation would ultimately be passed on to smaller businesses in the form of higher premiums.
  • No payroll tax. The $ 50 million per year that would have been generated for the state through maintaining part of a voluntary reduction in employee income that would have been offset by tax credits was not worth the red tape it would have. engendered for business.
  • No road use tax — a tax of $ 90 million per year on large tractor-trailers was not included in the budget. However, the legislator approved it as a stand-alone measure.

Other things to note:

  • There will be a tax amnesty period running from November 1, 2021 to January 31, 2022 which will remove late payment penalties and reduce interest by 75%
  • New convenience fees will be imposed on payments made to the government by credit card.

Unemployment Fund, Workforce Development

The budget also allocates $ 155 million to help resolve the state’s unemployment fund debt crisis. Employers are responsible for repaying the expected $ 1 billion federal loans the state has taken out to cover historic unemployment claims.

The CBIA has led small business efforts calling on the state to leverage federal COVID-19 relief funds to ease the burden on employers, with that debt threatening Connecticut’s post-pandemic economic recovery.

The budget also allocates $ 155 million to help resolve the state’s unemployment fund debt crisis.

The budget includes key workforce development initiatives:

  • $ 250,000 per year for the Office of Workforce Strategy
  • $ 300,000 for the Office of Public Health and Pandemic Preparedness
  • $ 171 million to separate Connecticut’s career and technical education system from state Department of Education
  • $ 8.8 million for child care subsidies using federal funds
  • $ 14 million in FY2022 and $ 15 million in FY2023 for a debt-free community college
  • About $ 105 million per year to nonprofit providers
  • An increase of more than $ 120 million annually in municipal funding
  • $ 140 million in education cost-sharing grants to local school districts

Remote workers

The legislative session also included a number of other changes to tax law and policy of importance to the business community.

A further key change was adopted at the start of the session regarding the taxation of employees who previously commuted, but now telework, to an out-of-state workplace.

HB 6516 prohibits the state tax services department from establishing a link, and thus attempting to tax the income in the 2020 tax year, of any Connecticut resident who has started telecommuting to a out-of-state employment due to the pandemic.

Under the “employer convenience” rule, employees typically pay taxes in the state where their employer is located and then receive a corresponding credit for any Connecticut tax liability.

HB 6516 allowed employers who no longer commuted between states to continue to receive this credit.

Since the bill only applied to the 2020 tax year, employees who continue to telecommute rather than cross the border will be subject to Connecticut tax during the year. to come up.


For more information on state tax policy, contact the CBIA Eric Gjede (860.480.1784) | @egjede.

For more information on government spending, contact Ashley Zane of the CBIA (860.244.1169) | @ AshleyZane9.





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Connecticut Supreme Court declares lender entitled to tribal sovereign immunity as “arm of the tribe” https://ctcontra.com/connecticut-supreme-court-declares-lender-entitled-to-tribal-sovereign-immunity-as-arm-of-the-tribe/ https://ctcontra.com/connecticut-supreme-court-declares-lender-entitled-to-tribal-sovereign-immunity-as-arm-of-the-tribe/#respond Fri, 11 Jun 2021 05:56:58 +0000 https://ctcontra.com/connecticut-supreme-court-declares-lender-entitled-to-tribal-sovereign-immunity-as-arm-of-the-tribe/ In a first impression case, the Connecticut Supreme Court recently ruled that (1) an entity claiming “arm of the tribe” status for purposes of tribal sovereign immunity has the burden of proving entitlement to that status; and (2) tribal immunity extends to an officer of the entity, as long as the officer has acted within […]]]>


In a first impression case, the Connecticut Supreme Court recently ruled that (1) an entity claiming “arm of the tribe” status for purposes of tribal sovereign immunity has the burden of proving entitlement to that status; and (2) tribal immunity extends to an officer of the entity, as long as the officer has acted within his authority and the tribe, rather than the individual officer, is the true interested party. See Great Plains Lending, LLC v. Dep’t of Banking, 2021 WL 2021823 (Connecticut May 20, 2021). In that case, the Connecticut banking department issued temporary cease and desist orders, restitution orders for Connecticut residents and a notice of intent to impose civil penalties on two lenders after an investigation The department revealed that lenders had granted consumer loans through the Internet without a license and at interest rates that exceeded Connecticut’s usury and banking laws. Great Plains Lending, LLC (“Great Plains”) and American Web Loan, Inc., carrying on business as Clear Creek Lending (“Clear Creek”) (collectively, the “Lenders”) were created by law. tribal, namely, the Otoe- Missouria Indian Tribe Limited Liability Company Act and the Otoe-Missouria Indian Tribe Company Act. Thus, the lenders asserted that (1) they were arms of the tribe of the Otoe-Missouria Indians (the “tribe”) and were entitled to tribal sovereign immunity, and (2) the chairman of the tribe who served as secretary and treasurer of the two lenders was also entitled to sovereign immunity because he was acting in his official capacity. The commissioner dismissed the lenders’ motion to dismiss, concluding that “the department’s administrative action was not a ‘lawsuit’ from which the plaintiffs enjoyed sovereign immunity on probation.”

On appeal, the Connecticut Supreme Court overturned and remanded. First, the Court ruled that an entity claiming to be an arm of this tribe has the burden of demonstrating the existence of this relationship and that it has the right to share tribal sovereign immunity. However, “once the entity proves by a preponderance of evidence that it is an arm of the tribe, the onus is on the party seeking to overcome tribal sovereign immunity to prove that such immunity has been lifted or revoked. place. . “Next, the Court determined that the appropriate standard for determining whether the lenders were tribal weapons was the Breakthrough test. In Breakthrough management. Grp., Inc. v Chukchansi Gold Casino & Resort, the Tenth Circuit ruled that in order to determine whether an entity can share the sovereign immunity of a tribe, the court must consider: (1) the method of creation of economic entities, (2) the purpose of these entities, (3) ) the structure, ownership and management of the entities, including the degree of control the tribe exercises over them, (4) the intention of the tribe with respect to sharing its sovereign immunity, (5) “the financial relationship between tribe and entities ”, and (6) the“ policies underlying tribal sovereign immunity and its link to tribal economic development, and whether these policies are served by granting immunity to economic entities ” . See Breakthrough management. Grp., Inc. v Chukchansi Gold Casino & Resort, 629 F.3d 1173 (10th Cir. 2010). However, like the Fourth, Ninth and Tenth Circuits, the Court here adopted only the first five factors. The Court concluded that Great Plains was a branch of the tribe in law and entitled to sovereign immunity, but that there was not enough evidence to conclude the same with regard to Clear Creek. Specifically, the record did not contain any evidence of Clear Creek’s stated objectives, of the tribe’s control over Clear Creek or of its structure or management, or of an intention to extend immunity, or whether any benefits or Clear Creek funds were directed to the tribe. With respect to the president of the tribe, the Court concluded that because the tribe was the true interested party and the president was acting within his authority, he was also entitled to sovereign immunity only as a public servant. from Great Plains.

In light of the foregoing, the Connecticut Supreme Court set aside and returned with direction to dismiss the administrative proceeding against Great Plains and to set aside the civil penalties imposed on the President in his capacity as an officer of Great Plains. However, with respect to Clear Creek, the Court returned the case to determine whether Clear Creek is an arm of the tribe and whether the President was entitled to sovereign immunity in respect of his actions as a Clear Creek official.



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Jobs in Connecticut have collapsed… will they recover? – The Connecticut Examiner https://ctcontra.com/jobs-in-connecticut-have-collapsed-will-they-recover-the-connecticut-examiner/ https://ctcontra.com/jobs-in-connecticut-have-collapsed-will-they-recover-the-connecticut-examiner/#respond Wed, 09 Jun 2021 19:03:41 +0000 https://ctcontra.com/jobs-in-connecticut-have-collapsed-will-they-recover-the-connecticut-examiner/ The pandemic is largely over. The challenge now is to revive the economy. Concretely, this means moving from policies supporting the unemployed to policies encouraging people to return to work. There is a fierce national debate about how quickly the transition can take place. Connecticut is on the wrong side of the debate – and […]]]>


The pandemic is largely over. The challenge now is to revive the economy.

Concretely, this means moving from policies supporting the unemployed to policies encouraging people to return to work. There is a fierce national debate about how quickly the transition can take place. Connecticut is on the wrong side of the debate – and cannot afford to be.

The number of workers in the state’s workforce has fallen by 188,000 during the pandemic since February 2020, according to federal statistics. This is a drastic drop of 9.7%, by far the biggest drop in the country. Only three other states saw declines of more than 5 percent.

These are workers who are not looking for work, who have exhausted their benefits or who have left the state.

As drastic as it is, the decline in the workforce is not the whole story. Connecticut’s 8.1 percent unemployment rate is the fifth highest of the 50 states – that is, 141,000 unemployed people (who are looking for work and receiving benefits, and, therefore, are counted in the active population). This is about double the number of unemployed before the pandemic.

Combining these effects, the current Connecticut employment of about 1.6 million represents only about 83% of the state’s civilian workforce of 1,930,000 before the pandemic. Connecticut’s economy is in dire straits.

Still, the policy of the Biden administration discouraged work, and Governor Lamont moved forward. Biden’s $ 1.9 trillion US bailout (ARP) extended the special pandemic unemployment insurance supplement ($ 300 per week in addition to normal unemployment benefits) from March 14 to September 6 2021.

Many, if not most, economists believe that the Supplementary Benefit makes overall unemployment benefits so generous that the unemployed think they earn more in benefits than they can earn while working. Employers report hiring difficulties.

This argument is so compelling that most states have decided to end participation in the supplemental benefit program, first because the supplement encourages holdouts who could and should work.

Second, the removal of the supplement reduces the financial pressure on states for their share of unemployment insurance. While the federal government pays all of the additional benefits, states must pay their usual share of regular benefits, which, of course, are part of the generous combined package.

In reality, states themselves do not pay their share out of general funds, but rather levy a special tax on employers to do so.

States levy a business tax during times of economic prosperity to set up an unemployment insurance trust fund to pay unemployment benefits during difficult times. When these trust funds are depleted, states borrow from the federal government, triggering federal and state laws that increase the corporate tax rate in order to pay off the loans.

Naturally, the shutdown caused by COVID-19 weren’t just “bad times,” so some states had to borrow heavily. Yet now these states have to pay Uncle Sam back, which means higher corporate taxes, which is another economic drag.

According to the US Treasury, 20 states borrowed about $ 52 billion from Uncle Sam, including $ 725 million borrowed by Connecticut. The 20 are mostly blue states which continue to pay supplementary unemployment benefit.

The longer workers stay on the unemployment lists, the more the bill increases.

Equifax reports that after the Great Recession, the average national UI tax on businesses rose more than 50% from 2.3% to 3.5% in 2011 and took six years to return to pre-recession levels. Thus, Connecticut businesses are facing a substantial increase.

Fortunately, the General Assembly increased the amount of federal pandemic relief funds to be used to repay the state’s $ 725 million to $ 310 million, from the stingy $ 50 million the Lamont government budgeted for. . But that still leaves $ 415 million to repay on top of the additional levy needed to replenish the state’s depleted trust fund.

So much for the ins and outs of the unemployment insurance system. The most fundamental problem is the dangerous decline of the state’s workforce. While the state’s fourth-highest unemployment rate is bad news, at least those 141,000 people are looking for work.

If the 188,000 workers who have left the labor market are discouraged, it is hoped that they will be encouraged again. However, if they have migrated to another state, it is a disaster for the state’s economy.

Such emigration would wipe out – many times – the state’s anemic population growth of 30,000 from 2010 to 2020. This growth was just under one percent, the fourth slowest rate among the 50 states and the slowest. from the North East.

Connecticut cannot afford to maintain Extended Supplemental Unemployment Benefit of $ 300 per week. Lamont should end it immediately.



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Auto and student loans fuel US consumer loan surge in April https://ctcontra.com/auto-and-student-loans-fuel-us-consumer-loan-surge-in-april/ https://ctcontra.com/auto-and-student-loans-fuel-us-consumer-loan-surge-in-april/#respond Mon, 07 Jun 2021 19:35:11 +0000 https://ctcontra.com/auto-and-student-loans-fuel-us-consumer-loan-surge-in-april/ WASHINGTON (AP) – Consumer borrowing in the United States rose $ 18.6 billion in April, fueled by a surge in auto and student loans that offset a decline in credit card use. The April gain reported by the Federal Reserve on Monday was the third consecutive month of strong consumer borrowing. It followed a similar […]]]>


WASHINGTON (AP) – Consumer borrowing in the United States rose $ 18.6 billion in April, fueled by a surge in auto and student loans that offset a decline in credit card use.

The April gain reported by the Federal Reserve on Monday was the third consecutive month of strong consumer borrowing. It followed a similar increase of $ 18.6 billion in March.

The latest increase reflects a $ 20.6 billion increase in the Fed’s category that covers auto and student loans. This is the largest increase in these loans since an increase of $ 22.7 billion in June 2020.

The category that covers credit cards saw a decline of $ 2 billion. Credit card borrowing is down 12.2% since peaking in February 2020 just before the pandemic hit hard, shutting down businesses and losing 22 million jobs.

Since then, credit card use has only increased in three months, as consumers cut back on spending in favor of building savings.


Nancy Vanden Houten, senior economist at Oxford Economics, noted that despite a rebound in consumer spending fueled by stimulus checks and a reopening of the economy after pandemic lockdowns, consumers are still reluctant to use their credit cards.

“We expect consumer credit growth to accelerate in the second half of 2021 as consumers dust off their credit cards, and reopenings and better health spur more spending,” she said. .

Consumer borrowing is being watched closely for signals it can send about households’ willingness to finance consumer spending, which accounts for over two-thirds of economic activity.

Total borrowing in the Fed’s monthly report stood at $ 4.24 trillion in April, 0.4% above the pre-pandemic peak of $ 4.22 trillion set in February 2020.



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Consumer credit, GameStop wins, consumer prices https://ctcontra.com/consumer-credit-gamestop-wins-consumer-prices/ https://ctcontra.com/consumer-credit-gamestop-wins-consumer-prices/#respond Mon, 07 Jun 2021 05:13:15 +0000 https://ctcontra.com/consumer-credit-gamestop-wins-consumer-prices/ A look at some of the major trade events and economic indicators coming up this week: The Federal Reserve released its April snapshot of US consumer borrowing on Monday. The tally, which excludes mortgages and other loans secured by real estate, is expected to show consumer borrowing rose $ 20 billion in April, down from […]]]>


A look at some of the major trade events and economic indicators coming up this week:

The Federal Reserve released its April snapshot of US consumer borrowing on Monday.

The tally, which excludes mortgages and other loans secured by real estate, is expected to show consumer borrowing rose $ 20 billion in April, down from the $ 25.8 billion rise in March. . That gain in March pushed total consumer credit to a record high of $ 4.24 trillion. Consumer borrowing is being watched closely for signals of households’ willingness to borrow to finance their spending.

Consumer credit, monthly change, seasonally adjusted, in billions of dollars:


November 11.5

December 11.5



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Meet the rideshare app owned by NYC driver taking Uber – Next City https://ctcontra.com/meet-the-rideshare-app-owned-by-nyc-driver-taking-uber-next-city/ https://ctcontra.com/meet-the-rideshare-app-owned-by-nyc-driver-taking-uber-next-city/#respond Fri, 04 Jun 2021 14:25:58 +0000 https://ctcontra.com/meet-the-rideshare-app-owned-by-nyc-driver-taking-uber-next-city/ Meet the carpool app owned by the driver taking Uber The Drivers Cooperative of New York has launched Co-op Ride, a ridesharing app that rivals Uber and Lyft. What makes Co-op Ride different? It belongs to the drivers. Next City has already reported on the origin and structure of Co-op Ride. Now, however, the app […]]]>


Meet the carpool app owned by the driver taking Uber

The Drivers Cooperative of New York has launched Co-op Ride, a ridesharing app that rivals Uber and Lyft. What makes Co-op Ride different? It belongs to the drivers.

Next City has already reported on the origin and structure of Co-op Ride. Now, however, the app is live and accepting rides, reports The New York Times.

The cooperative says it can charge passengers less than Uber or Lyft while taking a lower commission. He will pay 10% more than the minimum wage set by the city’s Taxi and Limousine Commission. And the profits will be returned to the driver-owners in the form of dividends.

“I have never seen this thirst for change that exists in drivers. Every transaction reveals exploitation, ”Erik Forman, a union organizer and founder of the Drivers Cooperative, told The Times. “They feel that one way to regain control is to have control and ownership of the platform.”

More and more banks are saying goodbye to overdraft fees

Four major banks agreed this year to reduce or eliminate overdraft fees, reports American Banker. These measures respond to competition from low-cost alternatives, such as fintech startups, the publication said, as well as an expected increase in “regulatory scrutiny.”

Ally Financial, Ally’s online-only bank, and Huntington, the 35th largest bank in the United States, primarily based in the Midwest, both announced this week that they were removing overdraft fees; Combine just by not charging them, Huntington by offering interest-free, fee-free loans to cover overdrafts. Earlier this year, PNC said it would alert account holders before they overdraft and give clients a way to block trades or add money before overdraft fees are incurred. imposed; Texas-based Frost Bank said the same month it would waive overdraft fees on transactions below $ 100.

Diane Morais, president of personal and business banking at Ally, told American Banker that while the $ 5 million overdraft fee Ally collected last year was not a major source of revenue, the bank understands the stress that overdrafts can place on households, especially black and Latino customers.

Overdraft fees also disproportionately affect households that are already financially insecure. American Banker cites a study by the nonprofit Financial Health Network which found that more than half (56%) of the $ 12.4 billion in overdraft fee income collected by banks last year came from households ” vulnerable ”; another 40 percent came from “adaptation” households. The Financial Health Network defines “vulnerable” households as those who experience difficulty in almost every aspect of their financial life, while those who “adjust” have financial difficulty. Only 4% of overdraft fee income came from financially healthy US households, which make up 35% of the population.

TV producer wants Chicago to be the Hollywood of the Midwest

The producer of “The Chi” plans to create thousands of jobs on the South Side of Chicago and make Chicago “the Hollywood of the Midwest,” reports the Chicago Tribune.

The $ 60 million project on 7 acres of vacant land on the south side would create six sound studios and offices. It’s also tied to Mayor Lori Lightfoot’s $ 750 million INVEST South / West program, which Next City has already covered.

Film producer Derek Dudley and Loop Capital Chairman and CEO Jim Reynolds are leading the project, called Regal Mile Studios. Both grew up in the region.

“For me and Jim, two black men from the South Side of Chicago, we have the opportunity to come together to invest in our community and change the course,” Dudley told the Tribune.

The promoters also hope to hire young people from the region; they’re in talks with Chicago’s public schools to train students for union jobs that don’t require a college degree.

So far, city officials appear to be on board. The Regal Mile Studios website quotes Kwame Amoaku, director of the Chicago Film Office:

“The Regal Studios project represents a vital source of infrastructure for the City of Chicago film industry. It also represents a major cultural revolution for the South Side of Chicago by providing a catalyst for the development of an arts and entertainment district for this underserved area of ​​the city.

The developers have submitted a zoning change request to city council, which will determine whether the project goes ahead, Reynolds told the Tribune.



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Breitling slams Atty’s “Hit Piece” in the “Red Gold” TM row https://ctcontra.com/breitling-slams-attys-hit-piece-in-the-red-gold-tm-row/ https://ctcontra.com/breitling-slams-attys-hit-piece-in-the-red-gold-tm-row/#respond Thu, 03 Jun 2021 21:37:00 +0000 https://ctcontra.com/breitling-slams-attys-hit-piece-in-the-red-gold-tm-row/ Law360 (June 3, 2021, 5:37 p.m. EDT) – Swiss luxury watch brand Breitling accuses former Pierce Bainbridge partner of causing the company a ‘hard blow’ in trademark litigation over the term ‘red gold , “telling a Connecticut federal court that the lawyer should be punished for his alleged ethical violations that marred the case. In […]]]>


Law360 (June 3, 2021, 5:37 p.m. EDT) – Swiss luxury watch brand Breitling accuses former Pierce Bainbridge partner of causing the company a ‘hard blow’ in trademark litigation over the term ‘red gold , “telling a Connecticut federal court that the lawyer should be punished for his alleged ethical violations that marred the case.

In a motion filed Wednesday, Breitling SA urged a Connecticut federal judge to impose end-of-term penalties against California jeweler Chris Aire, arguing that his attorney, David Hecht of Hecht Partners LLP, had engaged in “behavior misleading and unethical “in litigation.

Among other things, Breitling said that Hecht was behind a …

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Liberty Bank files for the closure of 6 branches in Connecticut https://ctcontra.com/liberty-bank-files-for-the-closure-of-6-branches-in-connecticut/ https://ctcontra.com/liberty-bank-files-for-the-closure-of-6-branches-in-connecticut/#respond Thu, 03 Jun 2021 17:36:59 +0000 https://ctcontra.com/liberty-bank-files-for-the-closure-of-6-branches-in-connecticut/ CONNECTICUT – Middletown-based Liberty Bank has told regulators that half a dozen branches will close by fall. Liberty Bank officials filed the plans with the Connecticut Department of Banking last week. According to the record, branches will close by October 1. The six branches make up about 10 percent of Liberty Bank’s list in Connecticut. […]]]>


CONNECTICUT – Middletown-based Liberty Bank has told regulators that half a dozen branches will close by fall.

Liberty Bank officials filed the plans with the Connecticut Department of Banking last week.

According to the record, branches will close by October 1.

The six branches make up about 10 percent of Liberty Bank’s list in Connecticut.

The condemned branches are:

  • 127 S. Main St., Beacon Falls
  • 774 Farmington Avenue, Bristol
  • 7 Main Street, Essex
  • 61 Bank Street, New London
  • 1570 Southford Road, Southbury
  • 1232 Farmington Ave., West Hartford

The West Hartford location is the only branch with another nearby.

After the closures, Liberty Bank will still have branches in Connecticut at:

  • Avon
  • Berlin
  • Bloomfield
  • Branford
  • Cheshire
  • Clinton
  • Colchester
  • Cromwell (2)
  • Deep river
  • Derby
  • Durham
  • East hampton
  • Lyme East
  • Glastonbury
  • Granby
  • Groton
  • Haddam
  • Hamden
  • Hartford Mortgage Office
  • Higganum
  • Madison
  • Mansfield
  • Marlborough
  • Meriden
  • Middlefield
  • Downtown (4)
  • Mood
  • Mystical
  • Naugatuck (2)
  • New Britain
  • New Havre (2)
  • Newington
  • Niantic
  • Havre du Nord
  • Norwich
  • Old Saybrook
  • Plainville
  • Portland
  • Quakers Hill
  • Seymour
  • Simsbury
  • Southington
  • Wallingford
  • Waterbury
  • Waterford
  • West Hartford
  • Wetherfield (2)
  • Willimantic (2)

See also: Connecticut man arrested in connection with January 6 riot on Capitol Hill


Liberty Bank’s roots go back to 1825 and it is one of the oldest and largest mutual banks in the country.

The institution claims more than $ 7 billion in assets.

Liberty Bank offers personal and business banking, cash management, mortgages, business loans, insurance and investment services.

The bank issued the following statement on Thursday afternoon:

“We are continually evaluating all aspects of our business, including our branch network and ways to reinvest in the Bank. As part of our assessment, we take into account a number of factors including branch profitability, household and deposit growth, deposit mix, transaction volume In addition, we always monitor and respond to habits changing banking patterns of our customers, technological advances and the presence of competing banks in our markets.

“As a result of our extensive research and extensive discussion, we submitted requests to close these six branches. However, customers who do business with us at one of these branches will continue to have a first-class banking experience at another Liberty Bank nearby. branches. “



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How to buy a house in a seller’s market https://ctcontra.com/how-to-buy-a-house-in-a-sellers-market/ https://ctcontra.com/how-to-buy-a-house-in-a-sellers-market/#respond Thu, 03 Jun 2021 17:32:00 +0000 https://ctcontra.com/how-to-buy-a-house-in-a-sellers-market/ I closed my house about eight months ago, but it feels like it was in another life. Yes, the COVID-19 pandemic makes time strangely elastic, but also, the housing market has undergone dramatic changes during this time. As a writer focused on mortgages and homeownership, it’s my job to monitor this stuff, and what I […]]]>


I closed my house about eight months ago, but it feels like it was in another life. Yes, the COVID-19 pandemic makes time strangely elastic, but also, the housing market has undergone dramatic changes during this time. As a writer focused on mortgages and homeownership, it’s my job to monitor this stuff, and what I saw in 2021 were legitimate bananas.

If you’re having trouble finding a home you can afford or trying (and failing) to get an offer accepted, I just mean – be indulgent with yourself. It’s not you. It is really difficult.

For those of us who aren’t already rolling in the money, it can take big sacrifices to afford a home: sacrifices like taking extra work while living on a spartan budget, breaking a financial ‘rule’. like borrowing from retirement funds, pooling resources to create a multi-family or multi-generational household, moving from a high-cost part of the country to a low-cost part, or any combination of the above – plus all the things that I did.

This is how I bought a house. It wasn’t glamorous, and most of it wasn’t fun, but it’s the kind of moves people determined to become homeowners make in this market. And if you’re unable to follow suit (or just don’t want to), don’t worry – there’s no shame in continuing to praise and strengthen your financial health in the meantime.

I moved in with my mother

Is moving with a parent when you’ve been living independently for years the coolest move? No. Was it smart for me? Yes, and I am more than grateful to have had this support; I realize that not everyone does. Working remotely from my childhood bedroom allowed me to spend the money I spent on rent. And, hey, because I moved in the summer of 2019 when COVID hit, I was way ahead of the homecoming curve.

The National Association of Realtors found that from July 2019 to June 2020, about 4% of all homebuyers reported moving in with family or friends to save money on buying a home. This number is around 7% for first-time home buyers.

Kristen and Robert Toth Jr. weren’t newbies, but they chose to move in with Robert’s mom soon after they listed their starting home in Allentown, Pa. In October 2019. That way they did. would have a bit of a break before buying again. and would be able to increase their down payment. They ended up staying for 10 months, anxiously watching properties being blindly bought for tens of thousands of dollars above the asking price when Pennsylvania closed last spring.

“There was no way we’d left our old house and moved into an apartment, paid rent and could afford this house,” Kristen says of their three-bedroom, 1950s ranch in the suburbs. of Lehigh Valley. “If we hadn’t lived with a parent, we don’t know what we would have gotten. “

Kristen and Robert Toth Jr. closed their Pennsylvania home in October 2020 (Photo courtesy of Kristen Toth)

I made a 20% deposit

Ditto, Kristen, Ditto – there was no way I could have balanced my 20% down payment without cutting an expense as big as rent. Even if I had managed to pay off my car and my student loans, without drastically reducing my monthly expenses, it would have taken me years to save for a down payment.

In the first quarter of 2021, the median selling price of an existing home was $ 319,200, according to the NAR. You would need to skip nearly six years of café au lait to make a 3% down payment (the minimum down payment for a conventional loan) on a home at that price. Assuming a $ 4.50 cup of java, that equates to 2,128 lattes – and that doesn’t even include the other upfront expenses involved in buying a home, like paying closing costs or paying for it. hiring of movers.

Another problem? While paying the minimum down payment is easier in your bank account and, with mortgage interest rates at historically low levels, allowing you to borrow more money for less, it can be a handicap. in a bustling market. This is especially true now, with home prices sometimes exceeding appraisals and sellers concerned about a mortgaged buyer’s ability to cover a valuation gap.

“When you evaluate offers as a seller and you get a rate of 3.5% [Federal Housing Administration loan] and a conventional 20%, if they are both equal and they both try to achieve a valuation of $ 350,000, you would naturally choose the one with the higher down payment because you know they will be able to bridge that gap, ”says Mike Ferrante, real estate agent at Century 21 Homestar in Cleveland.

In other words, since the 20% buyer has more cash on hand, a seller might assume that they could use some of those funds to cover a valuation gap and just make a lower down payment. . A valuation gap occurs when a home’s appraised value is less than what you offered.

Lenders will not allow you to borrow more than the value of a home. So if you want to continue despite a low valuation, you have to be able to make up the difference in cash. (Or the seller has to cut the price, which probably won’t happen in a very hot market.) Buyers who plan to deposit 20% are better placed to transfer some of that money to cover a valuation gap, everything respecting the minimum. payment requirements. This may be one of the reasons why in March 2021, 29% of first-time home buyers put in 20% or more, according to NAR data.

I got mortgage pre-approval

When I was ready to stop just browsing real estate listings and seeing properties, I researched lenders and ended up applying for mortgage pre-approval with about half a dozen. Full Disclosure: Not sure if I would have thought of doing this, or even comparing lenders, if I hadn’t written about mortgages for a living.

As I searched for homes in Spring 2020, my local real estate market was hot, but sellers were also wary of too many strangers browsing their homes. Many sellers have asked buyers to show proof of financing before allowing them to visit homes in person.

A year later, it’s less about coronavirus issues than sellers anticipating multiple offers over the sale price. “We won’t even remove people if they don’t have prequalification or pre-approval; you’re not going to be accepted if you don’t have an offer in hand, ”says Brent Landels, agent for Re / Max Key Properties, based in central Oregon. Landels advises looking at homes that are listed below your pre-approval amount, as this gives you the opportunity to bid higher.

I bought a fixer

I walked through over 20 homes in person and scrolled through who knows how many more online. Finally, in September 2020, I closed a 1740s Cape Cod-style home in eastern Connecticut that needed a lot of love (you read that right, it’s almost 300 years old). It had a lot of period charm, a large lot with lots of mature trees, but if he had been ready to move in I doubt I could have afforded it.

This low initial sticker price may come at a cost, which Monica Lee and her partner, Dan Hart, also found true from the repairman they bought just outside of Washington, DC “We Found a Home in Takoma Park which was ridiculously cheap, but it was unlivable, ”says Lee. In August 2020, the couple bought the house, which Lee said had been unoccupied for about 10 years, with an FHA 203 (k) loan covering the cost of the mortgage as well as their planned renovation.

The logistics of their loan turned out to be more difficult than expected. “I worked in government, I get permissions, I thought I was going to go for it with my eyes wide open and I could get things done,” Lee says. Red tape and issues securing contractors have pushed the couple’s schedule back and forth, but Lee says, “You are learning a lot. You feel like you’ve accomplished something. I will have the impression that we like the house.

Be patient with yourself and the market

Buying a home in a sellers market has certainly meant more work (and money) than I expected. I ended up staying with my mom for months after it closed while I put the house back into place. But I’m starting to like my house too.

If you can hang in there, make the sacrifices this market demands, and end up with a place of your own, congratulations. And if you choose to give up your home search for now, I can’t say I blame you.

Yes, you’ll have to keep renting longer, but you’ll also have more time to save for a down payment and maybe adjust your credit score, which can help you get a better interest rate. The market might even become a bit more buyer-friendly. There is still plenty of time to become a homeowner – and if now isn’t the right time for you, that’s okay.

More from NerdWallet

Kate Wood writes for NerdWallet. E-mail: kwood@nerdwallet.com.

The article How a mortgage nerd bought a house in a seller’s market originally appeared on NerdWallet.



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SS&C Unveils Advanced Data Storage in Region for Japanese Customers https://ctcontra.com/ssc-unveils-advanced-data-storage-in-region-for-japanese-customers/ https://ctcontra.com/ssc-unveils-advanced-data-storage-in-region-for-japanese-customers/#respond Thu, 03 Jun 2021 00:00:00 +0000 https://ctcontra.com/ssc-unveils-advanced-data-storage-in-region-for-japanese-customers/ WINDSOR, Connecticut., June 2, 2021 / PRNewswire / – SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) announced a strategic investment in Japan with its deployment of Distributed Storage Node technology. This innovative technology will allow customers of the market-leading Intralinks VDRPro ™ offering to store data in the region and provide faster access. the TokyoThe zone […]]]>


WINDSOR, Connecticut., June 2, 2021 / PRNewswire / – SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) announced a strategic investment in Japan with its deployment of Distributed Storage Node technology. This innovative technology will allow customers of the market-leading Intralinks VDRPro ™ offering to store data in the region and provide faster access. the TokyoThe zone storage node will host SS&C Intralinks’ offerings for syndicated loans, mergers and acquisitions, and investor reporting.

Mizuho Bank is part of from Japan leading financial institutions and current client of SS&C Intralinks. “SS&C Intralinks launched local data storage in Japan will help accelerate the digital transformation for the administration of syndicated loans, ”said Mr. Kaya Saeki, Deputy Managing Director, Planning and Administration Team Unionized Finance Department of Mizuho Bank, Ltd.

Mizuho Bank is a member of the Japan Syndication and Loan-Trading Association (JSLA) whose goals include supporting standards to help the healthy expansion of loan markets in Japan. SS&C Intralinks works closely with JSLA to develop industry best practices to digitize administration of syndicated loans.

“As data privacy regulations evolve, such as recent changes to from Japan Personal Information Protection Act (APPI), it is obvious that regulators are getting more and more strict, ”said Ken bisconti, co-head of SS&C Intralinks. “Customers such as Mizuho Bank are at the forefront of implementing technology solutions that help them stay compliant with global regulations and protect their customer data. Providing data localization options is just one of the many ways we help clients execute their data sovereignty strategies. “

SS&C Intralinks is a pioneer of the virtual data room, enabling and securing the flow of information by facilitating mergers and acquisitions, capital raising and reporting to investors. SS&C Intralinks has executed more than US $ 34.7 trillion value of financial transactions on its platform.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world’s largest companies to small and medium-sized enterprises, trust SS&C for expertise, scale and technology.

Additional information on SS&C (Nasdaq: SSNC) is available at www.ssctech.com.
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