Retail & Commercial

Bank of Fincastle in Virginia has named Charles “Scott” Steele chief executive, after its longtime CEO retired.

The Consumer Financial Protection Bureau took action Wednesday against the nation’s two largest debt buyers and collectors for allegedly using deceptive tactics to collect bad debts.

The Consumer Financial Protection Bureau imposed up to $79 million in penalties and refunds Wednesday in enforcement actions against the country's two largest debt buyers.

Americans had 314 million credit card accounts during the first three months of the year, the highest number since the fourth quarter of 2008, according to a report released Wednesday.

The key to housing finance reform is a new securitization model that allows the private sector to price and absorb the majority of housing credit risk.

The Council of Better Business Bureaus released data showing that collection agencies received 21,576 complaints from consumers last year, the fifth most complained about financial sector.

Bryn Mawr Bank in Pennsylvania has hired Michael Harrington as its chief financial officer and treasurer. Harrington, who was also named CFO of Bryn Mawr Trust, was the CFO and treasurer at Susquehanna Bancshares, which was acquired earlier this year by BB&T.

The American Bankers Association has planned a financial literacy campaign to help seniors and their caregivers guard against financial fraud.

Americans had 314 million credit card accounts during the first three months of the year, the highest number since the fourth quarter of 2008, according to a report released Wednesday.

Consumer borrowing rose by $19.1 billion in July, pushing the total to a record $3.45 trillion, according to the Federal Reserve.