The independent foreclosure review process was disorganized, ineffective and inconsistent, according to a draft report by the Government Accountability Office.

JPMorgan Chase (JPM), the biggest U.S. bank, defeated most of a lawsuit brought by Dexia over about $1.6 billion in mortgage-backed securities it bought before the financial crisis.

Shareholders will vote on a proposal to rename it CommunityOne Bancorp at their annual meeting on June 20, FNB United said Wednesday. Its board has already approved the change.

New Hampshire Thrift Bancshares (NHTB) in Newport has agreed to buy Central Financial Corp. (CEVT) in Randolph, Vt.

The plan, which was first reported by the Washington Post, sounds similar to a framework the Federal Housing Finance Agency unveiled in September to help alleviate mortgage lenders' concerns about exposure to bad loans.

Shares of Independent Bank Group (IBTX) in McKinney, Texas, rose nearly 13% during their first day of trading.

Community Bank System (CBU) in DeWitt, N.Y., is asking shareholders for authorization to issue more common stock.

The Federal Reserve Board approved a rule Wednesday that outlines the criteria regulators will use to determine if a nonbank is systemically important.

A former GSE regulator is giving a big thumbs up for the Federal Housing Finance Agency's plan to build a new securities platform that will replace the aging platforms Fannie Mae and Freddie Mae are currently operating.

A number of community banks are relying on fixed-rate loans to produce short-term profits, but the move could backfire when interest rates rise.

Toronto-Dominion will promote U.S. head Bharat Masrani to CEO once Ed Clark retires in late 2014. Organic growth and selective M&A — especially in the U.S. — will remain priorities during the lengthy transition period, the executives of the Canadian company said.

The banking industry's pace of expansion accelerated after bankers reported increased momentum in applications for commercial loans.

With the legislation, Utah becomes the 11th state to outlaw the fees, which Visa and MasterCard are now allowing for the first time.

The $1.2 billion-asset unit of NASB Financial (NASB) said late Tuesday it has named Paul Thomas to the post.

Most homebuyers are happy with their lenders but many others feel that they have been left in the dark during the homebuying process, according to a new survey.

Analysts are skeptical lenders can cut overhead fast enough to keep up with a projected collapse in mortgage volume. Some banks are intent on taking a bigger piece of the pie.

The debate over whether banks should be run by separate chairmen and chief executives has gained fresh urgency as proxy season has arrived. Even at the biggest banks, the question remains far from resolved.

Ocwen Financial (OCN) has completed its purchase of the reverse mortgage lender Liberty Home Equity Solutions from Genworth Financial (GNW).

Pacific Mercantile Bancorp (PMBC) has completed a deal that should help the Costa Mesa, Calif., company in an effort to shed troubled loans.

Bharat Masrani, 56, who currently serves as chief executive of its U.S. banking unit, will succeed Ed Clark, 67, as CEO of the parent company when Clark steps down from the post next year, Toronto-Dominion said Wednesday.