Citigroup reclassified $840 million of home equity loans as "nonaccruing" in the first quarter, and wrote down $370 million of mortgages as part of the national mortgage settlement's principal-forgiveness requirements.

Banks and credit unions are lobbying fiercely over legislation that would allow the latter to expand further into commercial lending.

Intervest Bancshares (IBCA) in New York said Monday that its first-quarter profit climbed 53% from the same period in 2011 due primarily to lower overhead and improved asset quality.

Chemical Financial (CHFC) reported first-quarter income of $12.4 million, up almost 35% from a year earlier, as the Midland, Mich., company's earnings were boosted by the sale of its merchant processing business.

Bank of America has filed lawsuits against itself in a series of foreclosure-related actions that only a lawyer could love.

M&T Bank's (MTB) first-quarter earnings were little changed amid a year-earlier investment gain as it repositioned its balance sheet ahead of its acquisition of Wilmington Trust.

Citigroup's (C) first-quarter profit remained virtually flat from a year earlier at $2.9 billion as revenue, particularly from equity and debt capital markets operations, improved from the fourth quarter.

Joe Smith could choose a large consulting firm as project team leader only and mandate that this firm pick experts and on-the-ground compliance staff from a wider range of outfits.

CHICAGO – The future of the branch office continues to be a matter of divided debate, as was made clear during a Colloquium here sponsored by the Filene Research Institute.

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Ally Financial on Friday told its mortgage banking clients that it will "significantly" curtail government lending tied to some government agencies, according to a internal memo. The affected agencies are the Federal Housing Administration, the Department of Veterans Affairs, and the Department of Agriculture.

Scores of community banks could soon deregister from the Securities and Exchange Commission due to a clause in the newly signed law. But some lawyers warn that activist investors could take advantage of banks that decide to stop filing documents with the SEC.

JPMorgan Chase and Wells Fargo reported surprisingly strong revenue growth on Friday, reversing the slumps of recent quarters. A pickup in mortgage banking returns helped.

Some 350 banks are yet to pay back Tarp funds. A recent auction of preferred shares may signal a way out for the Treasury.

Associated Banc-Corp (ASBC) of Green Bay, Wis., has hired two Bank of America (BAC) employees to lead a new office in Michigan as it looks to make commercial real estate loans in the Detroit area.

The state of Indiana has tapped a former banker to help restore credibility to its beleaguered revenue department.

The founder and chief executive of Vantage Point Bank in Fort Washington, Pa., has resigned after more than four years with the bank.

Bank of America (BAC) is preparing to sell off hundreds of foreclosed homes in bulk as part of its ongoing effort to clear out its inventory of distressed assets.

The Senate is preparing to consider legislation that would allow credit unions to engage in more commercial lending, a proposal that the industry has long championed. This proposal is a really bad idea, but because of the political constituency behind credit unions it may actually be passed into law. In the event, the National Credit Union Association and the U.S. taxpayer may be facing significant losses in the future.

Wells Fargo on Friday reiterated its plans to slash costs over the next year, but executives gave themselves flexibility to rethink those cuts later.