Banking

The Obama administration and an independent federal banking agency are advising the Supreme Court not to review a lower-court ruling that has roiled the marketplace lending sector and caused consternation throughout much of the consumer finance industry.

The due-diligence firms that vet loans before securitization are erring on the side of caution when assessing the risk to investors of liability from the new consumer mortgage disclosure rules.

The San Francisco bank isn't interested in making splashy investments in technology. At an investor day event Tuesday, Wells executives said they would focus on taking incremental steps to reduce costs and improve customer experiences.

The wealth management technology provider SigFig has raised $40 million in equity and other financing from a number of large financial and venture capital firms so that it can expand its business.

Silicon Valley Bank in Santa Clara, Calif., has launched a program that lets new customers sign up for accounts using electronic signatures.

Mackinac Financial in Manistique, Mich., has agreed to buy Niagara Bancorp. in Niagara, Wis.

CenterState in Florida and Union Savings in Connecticut are adding specialists to their retail locations at a time when many other banks are cutting back or have been relying heavily on universal bankers.

Former regulators, data scientists and academics have come up with a way to turn financial contracts of almost all types into algorithms computers can easily read. The ACTUS standard, if implemented across the board, could ideally give regulators and banks a true systemic view of risk.

RCB Bank in Claremore, Okla., has agreed to buy CornerBank in Winfield, Kan.

As drilling has slowed, energy firms have had to lay off workers, many of whom are falling behind on their bills – compounding the troubles of banks already dealing with higher commercial loan delinquencies in the same markets.

Everyone agrees that electronic transactions should be as safe as possible, but a PIN mandate will not prevent online or mobile fraud.

First Internet Bancorp in Indianapolis plans a secondary offering of about $20 million of common stock.

During the ascension of marketplace lending, banks responded to the competitive threat in several different ways. Now some banks are better positioned than others to take advantage of the online sector's recent woes.

A Maryland jury delivered a verdict and $38 million judgment against a collection agency in a class-action lawsuit. It is the largest judgment against a collection agency in the state's history.

The Bancorp in Wilmington, Del., has selected a former Citigroup executive as its next chief executive.

The Consumer Financial Protection Bureau is making an end run around existing regulations to collect data on overdraft programs, according to the American Bankers Association.

A former Citibank payments specialist has been appointed to the board of Meta Financial Group in Sioux Falls, S.D.

WASHINGTON — The House passed a bill by a voice vote Monday that will make it easier for mortgage originators to take a new job across state lines or move from a federally regulated bank to a nonbank lending shop.

Citizens Community Bancorp in Eau Claire, Wis., is searching for a new leader after its president and chief executive announced plans to resign this summer.

The Consumer Financial Protection Bureau is making an end run around existing regulations to collect new data on overdraft programs, the American Bankers Association claims.