Retail & Commercial

The $625 million-asset company said in a press release Thursday that Greg Remus will become its CEO on Oct. 1. He will succeed Ray Lipman, who will remain chairman.

Umpqua Holdings in Portland, Ore., reported higher second-quarter profit, citing lower merger costs and growth in residential real estate lending and equipment finance.

Citigroup's second-quarter profit got a modest boost from Citi Holdings, a unit set up six years ago as a dumping ground for toxic assets. After losing billions for years, Citi Holdings has now become a minor profit source for its parent.

First Niagara Financial Group in Buffalo, N.Y. has hired Peggy Yankovich to lead the commercial card and payments business of its treasury management group. Yankovich had been the global head of corporate cards, global payments & cash management at HSBC.

Upstart, a marketplace lender founded by ex-Google employees, has more than doubled its funding after receiving an investment from a group led by activist hedge-fund investor Dan Loeb. The company plans to use the funds to improve its underwriting analytics.

The Treasury Department launched an inquiry into the marketplace lending industry on Thursday, seeking information on its business models, customers and whether such firms should be forced to keep some "skin in the game."

The Cleveland company, which this spring said it had decided to start originating its own mortgage loans again, shared more details on the start date of this new effort and the rationale behind it.

Consumer Financial Protection Bureau Director Richard Cordray testified Wednesday before the Senate Banking Committee about the release of the Bureau’s seventh semi-annual report.

Washington Federal in Seattle reported higher quarterly profit due to gains from the sale of foreclosed properties and certain investments.

The Minnesota Commerce Department announced Wednesday that collection agency Tucker, Albin and Associates Inc. is facing a $500,000 fine for allegedly harassing and threatening small businesses in the state.