Banking

Fannie Mae's new representation and warranty relief offers lenders a long-awaited incentive to use its automated loan validation technology. But is it enough for lenders to make the necessary technology updates and process changes to implement the tools?

The information you need to start your day, including top headlines from PaymentsSource and around the Web. Today: Singapore's using toll and parking payments as part of a major digital overhaul; a new payment card security threat for Flash Player users; Google allows discount introductory subscription rates.

Nicolet Bankshares in Green Bay, Wis., has agreed to buy First Menasha Bancshares in Neenah, Wis.

The spotlight on unethical sales practices at banks has likely led customers to consider abandoning their financial institution, yet too many factors stand in the way of making a switch.

Seacoast Banking Corp. of Florida in Stuart has agreed to buy GulfShore Bancshares in Tampa, Fla.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

MB Financial in Chicago has appointed an executive from an advanced analytics company to its board. The $19 billion-asset company said in a press release Thursday that Sunil "Sonny" Garg is the energy solutions leader at Uptake.

Santander Bank is offering commercial customers their own mobile banking app. Businesses owners can use the app to deposit up to $15,000 per day without visiting a branch as well as to transfer funds between work and personal accounts.

In her first major presentation as Wells Fargo's head of retail banking, Mary Mack took on the doubters, making the case for why she is the best fit to lead the embattled retail unit. She laid out plans to revamp compensation and internal culture.

Comptroller of the Currency Thomas Curry soundly rejected Thursday the possibility of creating a "safe space" for fintech firms to operate outside of consumer protection rules while they develop and test new products.

The Federal Deposit Insurance Corp. has received five deposit insurance applications so far this year – an indication that the agency's open-for-business message is being heard by the industry.

Stessa Cohen warns that if we aren't careful, we could bring old gender biases into world of bank bots; Amy Nauiokas argues bank innovation should be applied more broadly, not just in technology; Marva Smalls recalls how she broke out of her comfort zone; and Esther George of the Kansas City Fed talks about staying true to her convictions. Also, how unbalanced journalism puts more scrutiny on female leaders than on their male counterparts and the silver lining in this presidential election.

Regulators have pressed banks to watch out for rising concentrations of commercial real estate loans. Some banks have paid heed, but others are skyrocketing past recommended thresholds.

Citigroup customers can now dispute credit card charges through its app, one of several mobile enhancements the company rolled out Wednesday.

Ransomware attacks are on the rise, as cybethieves find other types of exploits less profitable and bitcoin helps them cover their tracks. Banks must strategize how to avoid becoming victims – or, failing that, mitigate the damage.

The Spanish bank has launched a new “online onboarding” feature, which allow customers in Spain to open an account on a mobile device and verify their identity via a photo snapped from their mobile device, it announced Thursday.

OnDeck Capital reported its fourth consecutive quarterly loss on Thursday as investors bought fewer loans and the firm was forced to make costly adjustments to its business.

Two top executives said the scandal-plagued bank has managed to minimize the financial damage and can continue to grow amid some reforms. Yet they acknowledged that the full toll has yet to be realized, and the company announced it had significantly raised its estimated legal exposure.

The intense focus on sales cultures can be frustrating, but it also presents an opportunity for everyone within a bank to get on the same page about what the institution stands for and is trying to accomplish.

Malvern Bancorp in Paoli, Pa., is planning to open a commercial lending office in a new market.