Retail & Commercial

Republicans won a sizable victory late Tuesday, retaking the Senate after losing it eight years ago. Banks, too, largely benefited, as an ally of the industry captured a Senate seat in West Virginia, two credit union allies fell and a key Democratic senator squeaked past. Here's how election night played out for banks.

Cardinal Bankshares in Floyd, Va., is switching leaders again, though it is unclear when the new chief executive will step in.

Naming an inspector general at the Consumer Financial Protection Bureau would result in a net cost of $49 million between 2015 and 2024, according to a Congressional Budget Office report.

Sterling Bancorp in Montebello, N.Y., has agreed to buy Hudson Valley Holding in Yonkers, N.Y.

The bank unit of Carver Bancorp in New York has been released from a cease-and-desist order by federal regulators.

The Federal Trade Commission is suing debt broker Bayview Solutions LLC for posting the debt portfolios of 28,000 consumers online, including full bank account and routing numbers.

Santander Consumer USA, Ally Financial and Capital One are among the companies facing scrutiny over their loans to borrowers with low credit scores.

First Banks Inc. in St. Louis said that Terrance McCarthy will retire as president and CEO on Feb. 13. McCarthy will also step down from the board. Timothy Lake, president and CEO of banking unit First Bank, will succeed McCarthy.

KeyCorp, Ohio's second-biggest bank, reduced third-quarter profit by $24 million after discovering an accounting error tied to securitization trusts.

Bankers are worried that a new proposal will allow Farm Credit institutions to invest in non-farming businesses. The Farm Credit Administration denies those claims, stating that the proposal is designed to comply with the Dodd-Frank Act.