Retail & Commercial

In a new proposal, the agency detailed how it plans to invoke an obscure banking law to levy receivership powers over noninsured national financial institutions – which could include fintech companies – if they were to fail.

Regions Financial Corp. has agreed to pay $52.4 million to settle allegations that it violated the False Claims Act by originating and underwriting mortgages that did not meet Federal Housing Administration requirements.

Fifth Third Bancorp said Tuesday that it plans to close 44 branches, a cost-cutting move that follows its recent shutdown of more than 100 branches.

Raul G. Valdes-Fauli, president and chief executive of Professional Bank in Coral Gables, Fla., has died.

The revelation that thousands of Wells Fargo employees committed what amounted to fraud just put the final nail in the coffin for the effort to change the Consumer Financial Protection Bureau — at least for the foreseeable future.

As the Consumer Financial Protection Bureau proposes new small-dollar lending rules, it has also sought comment on an alternative plan that would open the door to banks providing more lower-income credit solutions.

Camden National in Camden, Maine, is uniting its trust and bank units to form a wealth management division.

Comerica in Dallas has sent layoff notices to about 450 employees – nearly half of them in managerial roles – as part of a major cost-cutting initiative.

While the retail lobby won in the political arena and successfully decreased its costs through price-fixing, the biggest loser in this situation was the American consumer.

Hilltop Holdings in Dallas has promoted Alan White to share the chief executive role with Jeremy Ford.