Retail & Commercial

Banks need to take a hard look at the age-old practice of using signatures to authenticate card payments, Federal Reserve Gov. Jerome Powell said Thursday.

Banks have faced increased scrutiny of their treatment of customers since the creation of the Consumer Financial Protection Bureau, and BB&T and others have proven that the process can be managed. Old fights with regulators can be put in the past if banks work hard at it.

Despite some silver lining, analysts say the Supreme Court decision upholding "disparate impact" in fair-lending disputes will only embolden activists and regulators to bring more cases.

During a hearing Thursday, Democrats wanted to talk about anything but allegations of employee discrimination at the CFPB raised by recent American Banker articles. Instead, they wanted to focus on alleged discrimination by banks and other companies.

The CFPB updated database includes more than 7,700 consumer narratives of problems faced when dealing with financial companies - including collection agencies and credit card issuers. More than half of consumers who have complained since March chose to share details.

MidWestOne Financial Group in Iowa City, Iowa has raised $8.4 million in a private placement of its common stock.

Demand for automobile debt in the U.S. is enabling lenders to make longer loans to people with spotty credit, stoking concern that car shoppers are being lulled into debt loads they won't be able to sustain.

Atlantic Coast Financial in Jacksonville, Fla., has taken several steps to restructure its debt holdings, including prepaying $60 million in advances with the Federal Home Loan Bank and $56.3 million of securities sold under separate repurchase agreements.

RiverNorth Capital Management is seeking to establish a closed-end fund that would serve as a source of permanent capital for so-called peer-to-peer lenders.

If Congress fails to extend the Mortgage Debt Forgiveness Relief Act, thousands of homeowners still suffering from the effects of the housing crisis could be forced to pay federal income tax on loan modifications or foreclosures.