Executives at Magna Bank in Memphis took a chance on expanding their multifamily practice to low-income developments, and it seems to have been a good business move.

Bank of New York Mellon (BK) has named veteran banker Ian Stewart as the new chief executive of its treasury services business.

Citigroup and Bank of America emerged as the big winners in a study of the best web features at 17 banks. But lenders that primarily serve customers online are gaining ground with user-friendly tools.

Mortgage rates for 30-year loans fell for a fifth week as stock market volatility and weaker-than-expected economic reports drove investors to the safety of the government bonds that guide borrowing costs.

Central Pacific Financial (CPF) in Honolulu has revised its fourth-quarter earnings and now says it earned $10.3 million, or 24 cents per share, for the three months that ended Dec. 31, compared to the $9 million, or 21 cents per share, it had previously reported.

Money market funds possess trillions of dollars of short-term institutional investor funds. Now the SEC’s proposed rule change for the industry may give banks an opportunity to attract institutional depositors with cash management offerings.

Credit Suisse Group AG (CSGN), the second-biggest Swiss bank, posted fourth-quarter profit that missed analysts' estimates after setting aside 514 million Swiss francs ($568 million) for U.S. tax and mortgage litigation.

Community banks exist to serve their customers and communities, not efficiency ratio-obsessed market observers.

New York Foundling Hospital, a Manhattan-based provider of child foster care services, has reached a $250,000 settlement with New York Attorney General Eric T. Schneiderman's office to resolve allegations the hospital billed Medicaid for the care of children while they were absent from the program.

More banks may soon give free FICO credit scores to millions of card customers along with their monthly bills as Discover Financial Services extends the offering to all of its cardholders.

Fannie Mae and Freddie Mac are not properly using a web portal developed to collect and screen appraisal information in order to minimize losses, according to an audit released Thursday.

Apple Inc. removed Blockchain, an application for iPhones used to send and receive bitcoins, from its App Store, the developer of the program said.

Crossline Capital in Lake Forest, Calif., has acquired Medallion Mortgage Co. in Agoura Hills for an undisclosed price.

A Connecticut man has been sentenced to 18 months in federal prison for his role in a mortgage fraud scheme that cost financial institutions millions of dollars.

MasterCard (MA) has promoted Tim Murphy to general counsel and chief franchise officer.

Strong loan and asset growth powered the Internet banking company BofI Holding (BOFI) to record profits in the quarter that ended Dec. 31.

Benjamin Lawsky, New York's top financial regulator, has asked more than a dozen banks including Goldman Sachs Group Inc. (GS) and Deutsche Bank AG (DB) for documents related to their currency trading practices

Santander Bank, formerly Sovereign Bank, has launched a rewards-heavy credit card and made other creative retail moves in the U.S. as it tries to establish an identity beyond that of the foreign-owned bank with the tricky name.

BBVA Compass reported a 28% drop in profits in the fourth quarter from the same period in 2012, to $68.8 million, as revenue, interest income and noninterest income all declined.