Retail & Commercial

The Securities and Exchange Commission has fined Fifth Third Bancorp (FITB) for misclassifying troubled loans during the housing crisis.

CO-OP Financial Services is upgrading its Sprig digital wallet to allow broader person-to-person payments, and is also adding mobile credit and debit card control and alert features.

TCF Financial (TCB) in Wayzata, Minn., has hired a former executive from State Farm Bank to become its chief credit officer.

The $890 million-asset company exceeded its goal of raising $15 million after it received investments from local shareholders in addition to institutional investors, according to a press release Wednesday.

The $339 million-asset bank said in a press release Wednesday that it chose the new name to distinguish itself from other businesses that also use the word "Columbia."

General Motors is planning to sell a 9.9 percent stake in Ally Financial Inc., the auto lender majority owned by U.S. taxpayers, according to a person with knowledge of the transaction.

National student loan debt is on the rise, but the size of college graduates' debt loads varies greatly by state and geographical region, according to a new report from The Institute for College Access & Success.

Banco Sabadell in Spain has agreed to buy JGB Bank in Miami.

Patriot Financial Partners, a Philadelphia PE firm that specializes in community banks, has agreed to buy more than 1.5 million shares of Banc of California for $13.25 each, a price 6% higher than the company's Tuesday closing price of $12.46 a share.

The National Fair Housing Alliance is accusing big banks of racial bias for neglecting homes they've foreclosed on in minority neighborhoods. Bankers deny the charges but are anxious to avoid a public fight with a nonprofit that's closely tied to the Department of Housing and Urban Development. American Banker staffers discuss.