Banking

The Consumer Financial Protection Bureau's payday loan proposal threatens many money services businesses on the front lines of stopping money-laundering and terrorist financing.

Litigation citing violations of the Fair Debt Collection Practices Act, Telephone Consumer Protection Act and Fair Credit Reporting Act dropped in November compared to October but remain significantly higher year-to-date.

TowneBank in Suffolk, Va., has agreed to buy Monarch Financial Holdings in Chesapeake, Va., for $220.6 million in stock.

EZCORP Inc. has responded to the $10.5 million settlement with the Consumer Financial Protection Bureau related to its payday lending and installment lending practices.

Now is not the time for the Federal Housing Administration — which has stayed strong amid turmoil — to reduce its market share.

Hanmi Financial in Los Angeles has withdrawn its proposal to merge with BBCN Bancorp. Hanmi said in a press release Thursday that its decision follows BBCN's agreement to buy Wilshire Bancorp.

Ally Financial, seeking new sources of customers, will finance used cars sold through Beepi, an 18- month-old website that lets people buy vehicles with a few clicks and no test drive.

The latest blockchain technology initiative has IBM, Digital Asset Holdings, R3 and other tech companies working with banks, Swift, the London Stock Exchange and the Linux foundation to jointly create open-source software meant to be used to quickly bring new blockchain software to market.

Seventeen colleges will receive warning letters this week from the Consumer Financial Protection Bureau stating they may be in violation of federal law for not disclosing agreements they have with credit card companies.

Credit risk, interest rate risk and cybersecurity concerns pose growing risks, according to a semiannual risk report issued Wednesday by the Office of the Comptroller of the Currency.

Green Dot is giving its chief financial officer job to Mark Shifke, who has been the firm's acting CFO for the last seven months.

House Republicans attacked the Consumer Financial Protection Bureau on Wednesday, arguing the agency is not able to safely secure the anonymous bulk data it collects on consumers' financial activities.

First Bancorp in Southern Pines, N.C., has agreed to buy Bankingpoint, an insurance agency in Sanford, N.C.

Under the direction of Richard Holbrook, Eastern Bank has prepared itself for the next 200 years by embracing a culture innovation, adding scale through acquisitions and advocating for the less fortunate in its community. It's an unusual formula, but it has worked and that's why he is one of American Banker's three Community Bankers of the Year for 2015.

The banking industry had mixed opinions of the Fed's decision to boost rates. Most believe 25 basis points will do little to move the needle financially, but they are apprehensive about the impact more increases will have on deposits, lending and credit quality. Here is a sampling of what bankers have said in recent days.

The $933-million asset institution said in a press release Tuesday that the technology, provided by Louisville-based R.C. Giltner Services, will enable consumer and small-business customers to complete the loan application process in minutes.

Bank officials say they are ready for rising rates; disagree on how much the initial increase would help or hurt lending and the economy; and predict more rate increases next year.

The CFPB on Wednesday issued a bulletin warning the collection industry and lenders - as well as the entire financial services industry - about potentially illegal conduct during in-person collections.

HomeStreet in Seattle has bought a branch in Dayton, Wash., from Banner Corp. in Walla Walla, Wash.

Mortgage lenders have complained bitterly about the risk and uncertainty of having to buy back defective home loans from Fannie Mae. Now Fannie is planning to offer yet another carrot to lenders that have lobbied extensively for relief from loan repurchases.