Retail & Commercial

The Consumer Financial Protection Bureau issued a consumer advisory on Thursday warning older consumers about misleading advertisements promoting reverse mortgages.

RPM Mortgage and its chief executive are facing $20 million in fines on allegations that the company violated the loan originator compensation law enforced by the Consumer Financial Protection Bureau.

Central Pacific Financial in Honolulu has named Catherine Ngo chief executive and also appointed a new chief financial officer.

In the wake of a report that the Financial Crimes Enforcement Network has identified more than 50 credit unions at risk of serving as a conduit for money laundering activities, the CU trades and regulators alike were scrambling to respond to what the NCUA suggested could be a "regulatory blind spot."

First Midwest Bancorp in Itasca, Ill., has named new heads of treasury management and private banking.

It's certainly true that as customers conduct fewer basic transactions in branches, those branches will see reduced foot traffic. But branches will remain relevant so long as they have helpful and intelligent people determined to help customers manage their finances.

Liberty Bank in Middletown, Conn., has agreed to buy Naugatuck Valley Financial in Naugatuck, Conn.

Bank marketing was once largely a function of architecture. More than anything else, customers were looking for safety and solidity and banks sought to convey those concepts through their buildings. Today, with branch traffic steadily declining, bank marketing is reinventing itself as chief marketing officers — a relatively new title in the industry — face unprecedented challenges and opportunities.

The U.S. Postal Service strongly criticized a recommendation from its inspector general that the agency expand remittances, check cashing and other banking services. The services would be potentially riskier and costlier than the impression left by IG David Williams' report, the USPS said.

Fifth Third Bancorp's new advanced cash-vault product is being rapidly adopted by the bank's clients, the Cincinnati Business Courier reported.