A new outsourcing model breaks work up into tiny pieces and farms it out to large groups of freelancers, taking advantage of "cognitive surplus."

Mark Severson plans to resign from Chemung Financial in Elmira, N.Y., Sept. 13 to pursue another opportunity, the $1.3 billion-asset company said Tuesday in a regulatory filing. Chemung will begin a search for his successor immediately.

Checking account fees may help banks pad revenue, but a new survey suggests that ATM and overdraft charges can send customers running.

If spun off from firms that rate corporate debt, raters of asset-backed securities would have less incentive to sugarcoat ratings in exchange for the promise of an issuer’s other business.

The ATM Acquirers Alliance is restructuring its organization to accommodate new industry segments and payments technology and has changed its name to Integrated Payments Alliance.

The risk retention requirement was supposed to ensure lenders had "skin in the game" when making mortgages. Instead, regulators appear to have abandoned that concept by crafting an exception so large that most single-family mortgages will be exempted.

Republic Bancorp (RBCAA) in Louisville said it is highly unlikely that it will complete its purchase of H&R Block Bank by the end of this year.

Online lender Western Sky Financial says it has laid off 94 employees on a South Dakota Indian reservation following its decision to suspend operations.

Holly Schreiber will step down Wednesday as chief financial officer of 1st Financial Services in Hendersonville, N.C. She will remain as a consultant while its sale to First Citizens BancShares (FCNCA) is being completed.

Capital levels at SouthBank in Palm Beach Gardens, Fla., have dropped below a minimum required by regulators.

Five Star Credit Union in Dothan, Ala., has agreed to buy Flint River National Bank in Camilla, Ga.

TowneBank (TOWN) in Portsmouth, Va., has converted all of its Series A preferred stock into common stock.

Regulators have lifted a seven-year-old enforcement action against CIB Marine Bancshares (CIBH) in Waukesha, Wis.

The American Bankers Association has endorsed the mortgage unit of SunTrust Banks (STI) as an outlet for banks to sell mortgage loans.

Banks hit another earnings record in the second quarter, but there were other pieces of good news tucked away inside the Federal Deposit Insurance Corp.'s recently released Quarterly Banking Profile as well. From better credit quality to a falling number of "problem" banks, the industry had a lot to celebrate — even if it must also face the grim prospect that falling loan loss provisions won't boost earnings much longer.

Marie Blake now oversees the $13.1 billion-asset company's regulatory compliance department, it said Tuesday.

Pacific Commerce Bank (PFCI) has completed corrective steps mandated by the Federal Reserve Bank of San Francisco.

Federal prosecutors in Chicago have filed charges against 10 individuals tied to an alleged vehicle financing scheme that cost Fifth Third Bancorp (FITB) and 19 other lenders more than $56 million.

Doomsayers conveniently forget that the business case for introducing debit cards was one of cost avoidance for the banks, not revenue.

Douglas Manditch, chairman and chief executive at Empire National Bank, believes community banks are being squeezed by "overzealous" regulation and are feeling pressure to sell.