The FDIC, OCC and Federal Reserve all plan to testify Tuesday that banks, not their regulators, are ultimately responsible for deciding who is an appropriate customer.

JPMorgan Chase & Co., the biggest U.S. bank, posted second-quarter profit that beat estimates as fixed-income trading revenue fell less than analysts expected. Shares rose in early trading.

TowneBank (TOWN) in Suffolk, Va., has agreed to buy Franklin Financial (FRNK) in Richmond, Va.

Wintrust Financial (WTFC) in Rosemont, Ill., reported higher quarterly earnings as income from loan growth offset lower fee revenue.

Ocwen Financial (OCN) has repurchased approximately $72.3 million in stock from WL Ross & Co., a private-equity firm in New York.

Dan Henry is leaving his job as chief executive of NetSpend effective July 31, and will be succeeded by Chuck Harris, who is president of the prepaid card company, a unit of the processor Total System Services (TSYS).

The CFPB filed a lawsuit Monday against Georgia-based Frederick J. Hanna & Associates and its three principal partners for operating a collection lawsuit mill that uses illegal tactics.

PennyMac Mortgage Investment Trust has entered into a repurchase agreement with Bank of America to finance roughly $550 million in newly originated mortgage loans, though its subsidiary PennyMac Operating Partnership.

Citizens Financial Group has hired Stephen T. Gannon, a former attorney for the Securities and Exchange Commission, to be its general counsel and chief legal officer.

Illinois Attorney General Lisa Madigan filed lawsuits Monday against two student loan servicers, alleging the unlicensed companies imposed illegal fees on delinquent student loan borrowers and deceptively marketed debt solutions.

Federal and state authorities on Monday sought to rein in three companies accused of exploiting consumers struggling to pay off their debts.

The Federal Home Loan Bank of Chicago is launching a pilot program soon to buy home loans and issue Ginnie Mae securities. The program could allow community banks and credit unions to stay in the mortgage business.

Citigroup issued quarterly results that pleased the market by simply not being as bad as they could have been. Yes, Citi spent $7 billion to settle a mortgage securities probe, and there are still more legal costs coming. But some segments strengthened, suggesting Citi may have hit bottom and has nowhere to go but up.

For months, the Consumer Financial Protection Bureau floated a contract giving it control over the content of bank customers' complaints submitted online to the agency. It scrapped the plan after industry objections.

Pan Pacific Bank (PPFC) in Fremont, Calif., reported a spike in quarterly earnings after reclaiming its deferred-tax asset.

Jefferson Bankshares in Oldsmar, Fla., has raised $2.4 million.

Brownsville, Texas is getting close to joining 18 other cities in Texas in passing a law regulating payday and auto title lenders, city officials report.

Citigroup, the third-largest U.S. bank by assets, will pay roughly $7 billion in fines and consumer relief to settle an investigation into risky subprime mortgages and resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis.

The ATM maker and bank technology provider Diebold has named Sal Mahbouba as vice president of global services.

In Pennsylvania, Montgomery County officials report they have collected more than $1.2 million in just 10 months in delinquent court fees and fines dating to 1986.