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Banking & Finance

Misconceptions about our complex foreign trade abound

During the 2016 presidential campaign, Democratic candidate Bernie Sanders said the following about the Export-Import Bank of the United States: “We should not be providing corporate welfare to multinational corporations.” The problem with Sanders’s characterization is that EXIM’s transactions directly ...

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Community Bank eyes Rochester market


An Onondaga County-based commercial bank will expand its reach with the opening of a business office in Victor. Ranked third in the nation for financial performance by Forbes magazine, Community Bank N.A.’s newest location will focus on commercial banking products ...

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U.S. awards $9 million to whistleblower

The U.S. Department of Justice announced Tuesday PHH Mortgage Corp. has agreed to pay the United States over $74 million to settle claims that loans originated by PHH that were insured by the U.S. Department of Housing and Urban Development’s ...

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KeyBank Foundation gives $24M to JumpStart

KeyCorp.’s KeyBank Foundation has awarded JumpStart Inc. a $24 million grant to  support the KeyBank Business Boost & Build Program in its Ohio and New York markets, officials said Monday. The gift is the single largest philanthropic commitment of the ...

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Merger boosts KeyBank

A lot has changed since KeyCorp. closed on the $4.1 billion acquisition of First Niagara Financial Group Inc. on July 29, 2016. KeyBank is not only bigger but a stronger bank in Rochester, said James Barger, president of KeyBank’s Rochester ...

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ESL launches trust unit

ESL Federal Credit Union is filling an investment gap locally with the launch of ESL Trust Services LLC. It is the first credit union in New York to create a trust company subsidiary, officials said. As part of ESL’s Wealth ...

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Citizens targets market

Emboldened by double-digit growth in first-quarter revenue, Citizens Bank N.A. is playing offense in the Rochester market by becoming more efficient and improving the experience of customers. Citizens Bank, a subsidiary of Citizens Financial Group Inc., has roughly 1,100 employees ...

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Large majority backs the arbitration ban

This week the Consumer Financial Protection Bureau decided to ban most types of mandatory arbitration clauses, which require credit card or bank customers to use a mediator when they have a dispute—often giving up their right to sue in court. Respondents to this week’s Rochester Business Journal Snap Poll strongly support the decision to ban the clauses.

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Reports ranks city of Rochester near bottom

Rochester ranks among the most inefficient cities nationwide, a new report from WalletHub contends. In its 2017’s Best- & Worst-Run Cities in America, the online personal finance website ranked 150 of the nation’s largest cities based on 33 key performance ...

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