Retail & Commercial

Debt-buying giant PRA Group on Wednesday reported strong first-quarter gains.

Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.

Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations, Financial Crime Enforcement Network Director Jennifer Shasky Calvery said May 6.

Since fraud liability shifts to the least compliant party after the network-mandated EMV migration dates, it is critical that financial institutions migrate all channels, including ATMs.

Farmers Capital Bank in Frankfort, Ky., will repurchase the rest of its outstanding preferred stock.

QCR Holdings in Moline, Ill., will sell 2.8 million shares in a public offering.

The Boston and San Francisco Home Loan banks are poised to join the MPF Direct program, which allows FHLB members to sell jumbo loans to Redwood Trust.

Companies like OnDeck and Lending Club are under pressure to keep finding new borrowers, but there are signs that customer acquisition costs are rising amid heavier competition.

Naugatuck Valley Financial in Naugatuck, Conn., has been freed from a regulatory order.

Bank of America, led by Brian Moynihan, at its annual meeting tried to look responsive to criticisms of its corporate governance, slow turnaround and other matters while announcing it would phase out lending to coal companies.