Western Union (WU) has appointed Robert W. Selander, former chief executive of MasterCard (MA), to its board of directors.

Bank of America completed a $2.1 billion bulk sale of nonperforming home loans in the second quarter, and is almost done with such dispositions, said Chief Financial Officer Bruce Thompson.

Startups that focus on person-to-person payments or peer-to-peer lending may well be the future heavyweights of the financial services industry. Banks must either band together to create viable alternatives or risk losing relevance.

First Republic Bank (FRC) in San Francisco reported higher earnings for the second quarter, as strong revenue growth helped offset a rise in compliance costs.

Boston Private Financial Holdings (BPFH) has agreed to buy Banyan Partners, an investment advisory firm in Palm Beach Gardens, Fla.

Mortgage applications decreased last week from the previous week, led by a drop in purchase loan requests.

Even activities permitted under the Volcker Rule may not be worth the legal and compliance costs for small and midsize banks, according to three attorneys at Bass, Berry & Sims.

Expert Global Solutions, the holding firm for collections giant NCO Financial, is selling part of its accounts receivable management business to a private equity firm. Financial details of the pending deal were not disclosed.

The FTC and CFPB will co-host a roundtable in October to examine how debt collection issues affect Latino consumers, especially those who have limited English proficiency.

Debt buyer Portfolio Recovery Associates has acquired Aktiv Kapital AS, a Norway-based accounts receivable management company, in one of the largest deals in accounts receivable management history. The combined companies will be called PRA Group.

U.S. Bancorp, the nation's largest regional lender, reported second-quarter profit that beat analysts' estimates as the company set aside less money to cover losses and commercial loan growth accelerated.

PNC Financial Services Group Inc., the second-largest U.S. regional bank, reported a profit that beat analysts' estimates as expenses declined and the company set aside less money to cover soured loans.

Bank of America Corp., the second- biggest U.S. bank, said profit declined 43 percent as it spent $4 billion to cover litigation costs, including a mortgage settlement with American International Group Inc.

Smaller banks are disproportionately affected by regulation, forcing some to consider selling or to rethink their strategy, two community bankers argued before Congress.

Farmers & Merchants Bank (FMBM) in Timberville, Va., plans a preferred stock offering to raise $9.5 million.

First Commonwealth Financial Corp. (FCF) in Indiana, Pa., has launched a new residential mortgage banking division.

WASHINGTON — A new analysis by the American Action Forum examines the cumulative costs and paperwork burdens of the Dodd-Frank Act roughly four years after the financial reform law's passage.

The industry is slowly turning to valuations based on earnings rather than tangible book value, raising concerns that banks might feel pressure to make short-term decisions and ill-fated acquisitions.

The Virginia and West Virginia bankers associations have intensified merger discussions and could combine into a single trade group by year's end, according to a report Tuesday from Richmond BizSense.

Investors Bancorp (ISBC) in Short Hills, N.J., has broken ground on the first of four new branches it plans to open on Staten Island in New York City.