Retail & Commercial

Mark Severson plans to resign from Chemung Financial in Elmira, N.Y., Sept. 13 to pursue another opportunity, the $1.3 billion-asset company said Tuesday in a regulatory filing. Chemung will begin a search for his successor immediately.

Checking account fees may help banks pad revenue, but a new survey suggests that ATM and overdraft charges can send customers running.

If spun off from firms that rate corporate debt, raters of asset-backed securities would have less incentive to sugarcoat ratings in exchange for the promise of an issuer’s other business.

Citibank has agreed to pay $55,000 to settle a complaint by the Connecticut attorney general that the bank was aware of a security flaw in its online banking service that resulted in hackers obtaining payment card data and stealing about $2.7 million.

The ATM Acquirers Alliance is restructuring its organization to accommodate new industry segments and payments technology and has changed its name to Integrated Payments Alliance.

The risk retention requirement was supposed to ensure lenders had "skin in the game" when making mortgages. Instead, regulators appear to have abandoned that concept by crafting an exception so large that most single-family mortgages will be exempted.

Republic Bancorp (RBCAA) in Louisville said it is highly unlikely that it will complete its purchase of H&R Block Bank by the end of this year.

Online lender Western Sky Financial says it has laid off 94 employees on a South Dakota Indian reservation following its decision to suspend operations.

Holly Schreiber will step down Wednesday as chief financial officer of 1st Financial Services in Hendersonville, N.C. She will remain as a consultant while its sale to First Citizens BancShares (FCNCA) is being completed.

Capital levels at SouthBank in Palm Beach Gardens, Fla., have dropped below a minimum required by regulators.