Retail & Commercial

WASHINGTON – The Financial Crimes Enforcement Network is proposing to extend anti-money-laundering requirements to a limited number of financial institutions that are not already regulated by a federal agency.

Hillary Clinton's proposal for regulatory relief for smaller institutions largely tracks with ideas already discussed, but her backing could keep alive the momentum for a reg relief plan should she win in November.

Family Security Credit Union, a $580-million institution based in Decatur, Ala., said it has entered into a definitive agreement to purchase substantially all of the assets and assume the deposits of the privately held Bank of Pine Hill, based in Pine Hill, Ala.

This latest offering from Chase, the U.S. consumer and commercial banking arm of JPMorganChase & Co., is in partnership with digital car-buying service TrueCar.

Nat Hoopes, executive director of a trade group that represents the chief executives of Wall Street banks, is making the jump to fintech.

The U.S. Chamber of Commerce and 28 other business groups urged the Consumer Financial Protection Bureau to withdraw its proposal on arbitration and "go back to the drawing board." Their joint letter was one of thousands submitted to the agency.

Many lenders are still reluctant to give mortgages to borrowers with less-than-pristine credit, yet such loans are far more likely than prime jumbo loans to be bundled into collateral bonds. Sreeni Prabhu of Angel Oak Capital credits banks' behavior and higher interest rates for that reality.

A director at Citizens Independent Bancorp in Logan, Ohio, resigned after members of management chastised him for an email security breach.

New Bancorp in New Buffalo, Mich., has hired Shawna Zawada as controller and principal financial officer, days after Russell Dahl resigned as chief financial officer.

Equifax and TransUnion have stopped selling traditional credit reports, forcing lenders to buy their new, more expensive "trended" data reports that mortgage investors aren't using yet.