Pacific Investment Management Co. sued Citigroup over the bank's role as trustee for $13.8 billion of mortgage-backed securities made toxic when the housing bubble burst, leading to "substantial damages."
The Federal Reserve Wednesday finalized certain changes to its stress testing program for 2016, including phasing out certain capital requirements and delaying the implementation of others.
Citywide Banks of Colorado in Denver has raised $7 million from private-equity investors.
The $8.6 billion-asset company said in a press release Wednesday that James Scott will become chairman on Jan. 21.
John A. Allison, former chairman and chief executive at BB&T in Winston-Salem, N.C., has returned to academia.
Fauquier Bankshares in Warrenton, Va., is planning to record a $5.5 million impairment charge tied to a souring loan relationship.
TCF Financial in Wayzata, Minn., is making preparations for its next management team.
The $75 million-asset bank said in a press release Tuesday that Michael Clabby had become its acting president and chief executive, effective last Friday.
Merchants Bancshares in South Burlington, Vt., is set to have a new chief executive.
A new Fannie Mae program allowing nonborrower income to count in qualifying homeowners for low-down payment loans received near-universal praise from industry representatives and federal officials at a recent housing symposium here.
The Federal Reserve said Tuesday that it will begin to implement significant changes to its supervisory program particularly for large financial institutions following the recommendations of yearlong internal investigation into how the central bank examines banks.
First Financial Northwest in Renton, Wash., has filed for permission to adopt a commercial bank charter.
The Federal Reserve issued a proposed rule Tuesday that would require large banks to publish quarterly reports describing how they are meeting their liquidity requirements, including what kinds of highly liquid assets they are holding.
Quicken Loans, the company that showed a mortgage business can operate successfully without face-to-face interaction with borrowers, is now giving customers the option to work without human loan officers.