Regulation

State regulators closed the $62.4 million-asset Community Bank of Rockmart in Georgia on Thursday, the 88th failure this year.

Through fever waves of populist anger including the Occupy Wall Street protests, there has been no sign that disgusted customers are draining the giant banks of their deposits.

Two former executives of Orion Bank, Angel Guerzon and Thomas Hebble, were banned from banking by the Federal Reserve Board due to their participation in "unsafe and unsound practices, breaches of fiduciary duty, and violations of law and regulation," the agency said in a press release.

In the wake of the financial meltdown of 2008, an increasingly persistent attack on money market mutual funds is underway. Present and former high government officials, academics, and some editorial writers have joined the fray, each offering their own approach for reengineering the money fund industry.

Trade group for retail banking adds six new members to its staff.

The burgeoning growth of mobile payments could become the tipping point for proposed national legislation that would force merchants to charge state sales taxes for the first time on many goods and services sold through online channels, a national tax expert tells PaymentsSource.

The Justice Department on Thursday ordered First Niagara Financial Group to sell 26 of the branches it has agreed to buy from HSBC Holdings. The branches are in the Buffalo area and have $1.6 billion of deposits.

The New York banking department has reached an agreement with Morgan Stanley to implement new mortgage servicing standards after signing a similar deal with Goldman Sachs in September.

Gruenberg says while regulators should force institutions to lower their risk of failure, having a "credible" system for winding firms down will help level the industry's playing field.

The casino industry is turning a corner, but the long-term impact of the so-called Durbin amendment on Global Cash Access Holdings Inc.’s revenues remains unclear, executives from the company told analysts during a Nov. 9 conference call to discuss third-quarter earnings.