Retail & Commercial

Millennials are individuals first and millennials second. Demographers and sociologists may like to group consumers, but when bankers market to the average instead of the individual, it's a losing strategy.

A recent report from Keefe, Bruyette & Woods identified several "challenger banks" that are poised to take market share from the industry's biggest institutions by using niche-focused business models. Here is a sample of the banks singled out by KBW's analysts.

Pinnacle Financial Partners in Nashville, Tenn., has added the president of a Knoxville, Tenn., accounting firm to its board.

WASHINGTON — After months of declining industry and congressional pleas to delay an impending rule combining two mortgage disclosure regimes, the Consumer Financial Protection Bureau on Wednesday announced a two-month delay due to an "administrative error."

Six servicers were cited for a range of infractions, including a failure to respond to requests for loan modifications and not doing enough to prevent foreclosures. Punishment was harsh for Wells Fargo and HSBC, which are banned from acquiring mortgage servicing rights and entering into new servicing contracts.

The Consumer Financial Protection Bureau has sued an Ohio auto lender for alleged bullying tactics in trying to collect debts from military personnel.

Home Bancshares in Conway, Ark., has agreed to buy Florida Business BancGroup in Tampa, Fla.

Members of St. James Federal Savings and Loan Association will meet Saturday to vote on whether to convert from a mutual to a stock-owned bank as a prelude to selling itself to Wells Financial. Some believe the vote could set a worrisome precedent.

The CFPB on Wednesday sued an auto loan firm for aggressive debt collection tactics against service members.

Security researchers say criminals are turning away from malware-only attacks and preying on unsuspecting call center reps, merchants and bank-website users with simpler, more traditional schemes.