Banking

The U.K.'s referendum vote to leave the European Union has thrown cold water on London's reputation as a friendly venue for innovation in payments and other industries.

The recently rebranded California International Bank has stiffed the government on 30 dividend payments and has spurned a request to let Treasury officials observe its board meetings. There is some optimism; a Vietnamese businessman was approved to take over control after injecting $4.5 million in capital into the bank.

OceanFirst Bank in Toms River, N.J., now has extra reason to cheer for the Monmouth University men’s basketball team that was in the running for an NCAA tournament berth last season.

The sheer volume of data that collected by Internet-connected "things" — cars, homes, wearable devices, and yes, refrigerators — could help deepen banks' relationships with customers. But it also adds more avenues for security breaches and raises privacy concerns.

Ten banks have invested a total of $25 million in the fund, which buys up mortgage-backed securities tied to loans made for the development or rehabilitation of affordable single- and multifamily homes.

South State in Columbia, S.C., has terminated five loss-share agreements with the Federal Deposit Insurance Corp.

The recent White House fintech summit was helpful in exposing companies to regulators, and vice versa, but we need to strengthen the lines of communications even more.

Digital tools improve a bank's traditional sales process, but relationship-based banking is still a huge factor in winning over millennial customers.

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.

A group of the largest banks in the world is working on a global standard for Bitcoin’s blockchain ledger technology, a secure funds-transfer system that advocates and industry watchers have likened to “email for money.”

The Office of the Comptroller of the Currency is seeking to create a regulatory sandbox that it hopes will allow fintechs and banks to experiment on innovations to the financial system.

Franklin Financial Network in Tennessee hit a roadblock in its plan to buy Civic Bank & Trust in Nashville, but that didn't stop Franklin from hiring away Civic's chief executive.

Old National Bancorp in Evansville, Ind., has negotiated an exit from its loss-share agreements with the Federal Deposit Insurance Corp.

How Key Private Bank's CEO is looking to transform the business (hint: it has a lot to do with women); algorithms in hiring promise a new way to bring diversity to Wall Street; the CFPB has some work to do in improving its treatment of women and minorities. Plus, Blythe Masters talks blockchain and Merrill Lynch's Racquel Oden talks confidence.

Circle Internet Financial, the Bitcoin services company and wallet provider, has raised $60 million in financing from Chinese investors as it continues expanding its operations in China.

Fourteen years after Jeff Bezos famously put out a memo to all of Amazon's software development teams, ordering them to create application programming interfaces for every program, some bankers say their industry ought to do the same.

Costco customers have deluged the retailer's Facebook page with hundreds of complaints about a new credit card from Citigroup, saying they endured lengthy wait times and had trouble activating accounts.

WASHINGTON — Fannie Mae has delayed the roll out of its new automated underwriting system that will require mortgage lenders to use trended data for the first time in submitting their loans for approval.

FirstBank Holding in Lakewood, Colo., will have a sole chairman after one of its co-founders announced plans to step down.

His title may be changing, but Ray Davis' goal of altering the banking landscape remains the same. Davis, who will step down as Umpqua's CEO, will still run its innovation unit with a hope of influencing digital banking in the same way that he shook up retail banking.