Retail & Commercial

The former chairman and chief executive of Summit Bank in Burlington, Wash., on Wednesday pleaded guilty to hiding millions of dollars in losses from past-due loans.

Wells Fargo (WFC) is laying off 2,300 mortgage jobs nationwide as the result of flagging demand for mortgage refinancing.

The Federal Reserve Board said it will appeal a judge's decision invalidating the central bank's interchange fee cap, while both the Fed and merchant groups asked for more time before the lower court ruling takes effect.

The group unveiled a new white paper Wednesday that outlines two alternative proposals for integrating affordable housing into the larger mortgage finance reform debate.

Despite better-than-expected returns so far, industry observers believe that the Treasury Department will take larger haircuts at is unloads less desirable stakes in banks.

Mortgage servicing issues continue to be a significant problem despite a renewed focus on the area in the wake of the foreclosure crisis, according to a report issued Wednesday by the Consumer Financial Protection Bureau.

Sen. Elizabeth Warren, D-Mass., is pressuring the Department of Justice for more details related to payments made to the Federal Housing Administration as part of the $25 billion mortgage servicing settlement announced last year.

The Consumer Financial Protection Bureau on Tuesday sued Morgan Drexen Inc., of Costa Mesa, Calif., alleging it illegally charged more than 22,000 customers millions of dollars in upfront fees to help resolve outstanding debts.

Global mobile marketer Jesta Digital LLC, will provide refunds to a large number of consumers and pay an additional $1.2 million to the Federal Trade Commission as part of a settlement. The FTC alleged that Jesta crammed unwanted charges onto consumers’ cell phone bills.

FPB Financial in Port St. Lucie, Fla., has declared a 3-for-1 stock split in an effort to bolster trading activity.