Daniel Mudd, the former Fannie Mae CEO who is the subject of a new, massive SEC fraud suit, announced Wednesday morning that he is taking a leave of absence from his current employer, Fortress Investment Group, New York.

After a months-long internal investigation into its accounting for loan losses, Suffolk Bancorp in Riverhead, N.Y.. has restated its 2010 earnings to show a much smaller profit than first reported.

Investment-management firm Fortress Investment Group announced that CEO Daniel Mudd, who was recently sued by the SEC over his role as the former chief of Fannie Mae, is taking a leave of absence.

Bank of America is close to settling a Justice Department probe into whether its Countrywide unit violated fair-lending practices, said two people with knowledge of the discussions.

Nothing lasts forever as evidenced by the short term marriage of Hollywood stars. Differences in attitudes, status and in some cases just irreconcilable differences often cause breakups following many years of being together. One of fraying relationship is the 100 year plus association between the 6,000 plus smaller community banks and the nation's largest banks. This long standing relationship between big and small is on the rocks as the two groups have drawn apart, rarely working together or supporting one another anymore.

MANHATTAN BEACH, Calif. – Kinecta FCU said it relocated its Midwest mortgage operations center from Rosemont, Ill., to Chicago.

HARTFORD, Conn. – Nutmeg State FCU gave one person a two-minute run to collect all the groceries they want at a Price Shopper store to celebrate the opening of the credit union’s new branch there.

First Premier Bank has for decades offered credit cards with higher rates and fees than almost any other bank. For instance, if you borrowed $250 on one of their cards and held that balance for a year, you'd pay roughly 75% of that amount, $187.50, in finance charges and fees—assuming no late payment or other charges.

A classic psychological theory, Maslow's Hierarchy of Needs, sheds light on consumers' prioritizing credit card bills over mortgage payments.

In what would be its first acquisition since 2007, Sandy Spring Bancorp Inc. in Olney, Md., announced late Tuesday that it is buying CommerceFirst Bancorp Inc. for $25.4 million in cash and stock.

Continuing to expand its mortgage lending into neighboring states, Washington Trust Co. in Westerly, R.I., announced Tuesday that it has opened a loan production office in Glastonbury, Conn.

California Attorney General Kamala D. Harris filed suit against Fannie Mae and Freddie Mac on Tuesday, seeking to force the companies to answer a detailed list of questions after the firms' federal regulator sought to block an open-ended inquiry by the state.

After several years of bank merger activity trending down, there are signs that the activity level may revive. As this subject may not have been a front burner topic for bankers in recent years, it is useful to consider how changes in the last few years have altered certain strategic priorities for considering mergers.

Sun Bancorp Inc. in Vineland, N.J., said Tuesday that it has added two seasoned executives to help grow its middle-market and commercial real estate loan portfolios.

Most executives in the prepaid debit card market agree any future federal regulations that demand better disclosures on products are good for the industry. But if the government starts messing with fee structures, it could lead issuers to leave the market altogether.

SCBT's planned acquisition of Peoples Bancorp. in South Carolina is being described as small, safe and strategic. Analysts believe most M&A next year will follow a similar blueprint.

The future of institutionalized, imprudent mortgage lending to people who could not otherwise afford the loans was foretold in 1999.

The average checking account costs banks about $350 annually, American Banker reported this month. But whether banks should use that estimate in determining individual customer profitability remains up for debate.

First United Bancorp Inc. in Boca Raton, Fla., is unloading three of the seven western Florida branches it inherited when it acquired the failed Old Harbor Bank in Clearwater in October.

The central bank on Tuesday released a 173-page proposal governing how it plans to supervise systemically important banks and nonbanks. The plan covers everything from capital requirements to stress tests.