Banking

Jack Remondi issued a direct call Wednesday for the agency to drop its lawsuit against the student loan servicer. “You’ve had five years to look for your evidence, you’ve found none,” he said.

As the company boosts originations to subprime and other borrowers, it remains to be seen if the improvements in asset quality will continue. A similar question mark is hanging over many consumer lenders these days.

The bank sees its global reach as an advantage in supporting evolving business customer needs.

The Ohio company said low unemployment is keeping business clients from expanding, while higher asking prices are forcing it to avoid bank acquisitions.

The bank, which would be only the second to call the Motor City home, would hire 500 people there while maintaining most of its workforce in Midland.

In addition to leading the company’s national business banking efforts, Peter Sefzik will also oversee small-business banking. Brian Foley, the chief credit officer for the Texas market, will succeed him as market president.

Prosperity Bancshares in Houston said that its earnings increased 19% from a year earlier as its efficiency ratio rose.

The company is once again positioning itself for growth now that it is no longer considered a systemically important financial institution.

Spurred by the PSD2 regulation, the introduction of open banking has also played a key role in a shift to software-delivered services, according to Jason Bobb, senior vice president of global sales and business development for Canonical.

The $26 million acquisition will allow Summit to enter two new counties in its home state.

That improvement and loan growth made up for a lower margin in a more profitable second quarter, but the loan growth relied heavily on the subprime lender's partnership with Fiat Chrysler that could be ending.

Vipin Gupta, who was chief information officer at Key Community Bank, will oversee strategy for information technology at Toyota Financial Services.

The digital currency’s price has rebounded to over $8,000 as a new ETF is in the works; three deals may indicate a resurgence of small bank M&A.

The information you need to start your day, from PaymentsSource and around the Web. Worldpay debuts its drone; Alipay's international merchant network gets larger; Singapore health system suffers a breach; U.K. regulators worry about payment monopoly.

Several firms are touting tools to help financial institutions bank legal marijuana-related businesses, an industry expected to yield $10 billion in retail sales this year.

The OCC has terminated a 22-month-old consent order that stemmed from allegations that the bank unlawfully repossessed cars of members of the U.S. military.

BankUnited in Miami Lakes, Fla., said that second-quarter earnings rose 36% as average loan and investment securities balances increased.

The creation of the Consumer Financial Protection Bureau was widely expected to centralize regulation of payday and other high-cost loans in Washington. It hasn’t worked out that way.

Florida created headaches for the Georgia company during the financial crisis. Increased discipline, and wholesale changes to banking, make the $3 billion purchase of FCB Financial less risky, CEO Kessel Stelling says.

Whether you're lounging on the beach sipping mojitos, hiking the Smoky Mountains, or, like many of us, taking a breather from household chores on your staycation, you still need an escape from time to time.