Innovation requires the ability to tinker, test, break and repeat. Strategy and its close derivatives increase and delay the cost of failure. Business cases, focus groups, market analysis and roadshows, among other things, divert resources and defer action.

Allstate has elected Siddharth Mehta, former CEO at TransUnion, to its board of directors.

Liberty Pawnshop & Gold LLC in Fredericksburg, Va., charged with making 54 vehicle title loans between August 2011 and February 2013 without having a valid license, reached a settlement Tuesday with the Virginia attorney general's office.

In 30 states and the District of Columbia, attorneys general are urging the Consumer Financial Protection Bureau to adopt new debt collection rules that will "better protect consumers and military service members."

A Louisiana town approved hiring collection agency American Municipal Service to pursue an estimated $750,000 in debts including unpaid court costs and utility bills. Some of the debt is up to 15 years old.

The U.S. Senate's Democratic Banking Committee Chairman, Tim Johnson, and top Republican, Mike Crapo, laid out a preliminary agreement Tuesday that adds to momentum to a bipartisan effort to reform Fannie Mae and Freddie Mac. American Banker editors discuss what behind the push's rare appeal on both sides of the aisle and the challenges its backers face in coming weeks.

Sun Home Loans in New Jersey named Theresa Trainum as its senior vice president and chief operating officer.

Sens. Tim Johnson, chairman of the Senate Banking Committee, and Mike Crapo, the top Republican, received an overall warm welcome to their agreement on housing finance reform released Tuesday, after months of negotiation.

The Michigan company is buying Nortwestern Bancorp, fleshing out a major part of its franchise map. Though Northwestern's loan portfolio has been steadily shrinking, Chemical executives expect to generate double-digit loan growth from the seller's markets.

The bank's hope is that visitors will be inspired enough by the site's uplifting stories to share the content through email and social media sites such as Facebook and Twitter.

Digital currency exchanges may soon file formal proposals and applications to operate under regulations set by the New York State Department of Financial Services.

There is optimism that the Small Business Administration will be allowed to approve a larger volume of SBA loans in fiscal year 2015 compared to previous years. Bankers are especially supportive of plans to continue waiving fees for smaller 7(a) loans.

Royal Bancshares of Pennsylvania (RBPAA) in Narbeth has agreed to sell nearly $14 million in stock through private placements.

Retail bankers are struggling with a vexing mix of competitive and regulatory headwinds these days. As they prepare to gather at American Banker's Retail Banking 2014 conference, the publication's editors discuss what are likely to be the hottest topics of the day.

Bank lending to small businesses reached post-recession record highs in February, according to the latest Biz2Credit Small Business Lending Index.

Banks of all sizes are struggling to increase the revenues and profits that they can eke out of their retail operations — while trying to elbow their competitors out of the same turf. To do so, bankers need to face some hard truths about their branches, technology and M&A ambitions.

Meridian Interstate Bancorp (EBSB) in East Boston, Mass., is planning a second-step conversion.

Pervasive distrust is a thorn in the side of financial technology innovators and bankers alike, and has prevented mobile wallets from helping consumers manage their finances in real time – a tool they desperately need!

FBC Mortgage, a unit of the investment bank Sterne Agee Group, is seeking loan referral partnerships with community banks. In a recent deal it also hired HomeBanc's mortgage personnel.

Cardinal Financial (CFNL) in Tysons Corner, Va., has merged its two banks.