The Latest

The bankruptcy of Wingspan Portfolio Advisors epitomizes the existential crisis facing default servicing. This once-thriving sector of the mortgage industry now finds itself declining in lockstep with the drop in loan delinquencies and foreclosures.

If the decision by the New York appeals court is upheld, banks and other lenders could have trouble finding buyers for credit card and other consumer loans.

Glacier Bancorp in Kalispell, Mont., reported higher second-quarter profit from growth in both lending and fee-based services.

The Justice Department is investigating whether Citigroup let customers move illicit cash through its Mexico unit, setting the bank's biggest international operation in the path of an expanding money-laundering probe.

First Niagara Financial Group in Buffalo, N.Y., reported lower second-quarter profit as the cost of technology improvements and lower securities yields offset loan growth.

The Small Business Administration has worked hard to make its flagship 7(a) loan program more attractive, adding lenders, slashing fees and cutting red tape to speed the review process. Now, the agency is paying the price for its efforts.

Cornerstone Bank in York, Neb., has agreed to acquire Guide Rock State Bank in Nebraska.

The Ohio company has been giving customers longer grace periods to address overdraft charges. While it has seen service charges decline, the company has been adding customers and checking accounts.

BankUnited in Miami Lakes, Fla., reported a decline in second-quarter profit as increased costs from its Federal Deposit Insurance Corp. indemnification asset offset a sharp uptick in new lending.

Protecting payment card data is a never-ending struggle, and the fraudsters are only getting more creative. So far this year several incidents and studies have demonstrated the evolving nature of cybercrime.