The New York Department of Financial Services has released proposed framework for its much-anticipated BitLicense. Though the agency describes its proposal as a balanced approach that does not stifle innovation, its rules might be considered too strict for many companies.

Trust-preferred creditors have forced two indebted bank holding companies into involuntary bankruptcy this summer. Secured lenders may soon follow their lead and start foreclosing on bank stock collateral.

KeyCorp (KEY) in Cleveland reported higher quarterly earnings after a jump in investment banking and debt placement fees and lower credit costs.

A new report shows a total of 613,874 U.S. properties with foreclosure filings - default notices, scheduled auctions and bank repossessions - in the first half of 2014, a 19% drop from the previous six months.

Webster Financial (WBS) in Waterbury, Conn., reported higher quarterly earnings but missed its earnings targets as mortgage-banking fees declined more than expected.

KeyCorp (KEY) in Cleveland has agreed to buy Pacific Crest Securities, a technology-focused investment bank and capital markets firm.

New rules published by New York State regulators include better disclosures for collection communications, provisions for email, protections against time-barred collection and stronger verification procedures.

Nonbank mortgage lenders pose greater risks to Fannie Mae and Freddie Mac because they have limited government oversight and generally weaker finances than banks, according to a government watchdog report.

Under a measure passed Wednesday, the use of federal funds to punish banks for providing accounts to pot businesses would be prohibited.

First National Bank of Green Forest in Arkansas has chosen a new name but kept it in the family, so to speak. The $347 million-asset bank will rebrand itself as Anstaff Bank, a blend of the names of its two founding families, Anderson and Stafford.

Cardinal Financial (CFNL) in Tysons Corner, Va., blamed a 14% drop in profits on acquisition-related expenses.

Guaranty Bancorp (GBNK) in Denver has bought Cherry Hills Investment Advisors in Greenwood Village, Colo.

Tom Wolfe, who oversees two of Wells Fargo's fastest-growing consumer businesses in credit cards and auto lending, will leave the bank later this year.

Bank of the Carolinas in Mocksville, N.C., has raised $46 million through a private placement. The $428 million-asset company said that it sold about 458 million shares of newly issued common stock at 10 cents each to unnamed institutional and accredited investors.

Farmers Bank & Trust in Magnolia, Ark., has agreed to acquire the 1st Bank of Texarkana, a $309 million-asset bank located just over the state line in Texas.

Bank of America Corp. reiterated an offer to pay about $13 billion to settle federal and state probes of mortgage-backed bond sales, a deal prosecutors had previously rejected, a person with knowledge of the matter said.

Bank of America executives downplayed expectations about commercial lending and warned about the dangers of lowering prices to build loan portfolios, while their counterparts at U.S. Bancorp reveled in double-digit growth in the category and pledged to stay aggressive.

Community Trust Bancorp (CTBI) in Pikeville, Ky., said Wednesday that its second-quarter earnings climbed 2% from the same period last year, to $12.2 million, due to improved loan quality and lower overhead.

Ocwen Financial (OCN) has created a community advisory council to address the needs of distressed borrowers amid regulatory scrutiny of the mortgage servicer.

Vantage Bancorp in San Antonio has agreed to buy Medina Bankshares in D'Hanis, Texas.