Banking

Executives at small banks and credit unions told the Senate Banking Committee about horror stories of technical glitches, vendor delays and overworked appraisers, while expressing an interest in having more time to comply with new mortgage rules.

Nobody thought it would be pretty, but last quarter's results were even worse than expected, and low fee revenue is largely to blame. Trading and mortgage banking were particularly bad, and few of the big banks managed to offset the declines.

Trustmark in Jackson, Miss., said its profit declined in the third quarter because of lower loan yields and higher expenses.

The banking industry largely praised the passage of a major Senate cybersecurity bill Tuesday night, but concerns are mounting about the inclusion of eleventh-hour language that could prompt new rules for financial institutions.

Sen. Elizabeth Warren, the founder of the Consumer Financial Protection Bureau, appeared alongside Director Richard Cordray on Wednesday during a rare joint appearance to discuss politics, financial products, and breaking up the big banks.

American Express Co., bracing for a decline in profit after the loss of a key retail partner, made a series of organizational changes including combining U.S. and international units and said that consumer product head Josh Silverman is leaving the firm.

Wells Fargo has eliminated foreign transaction fees for transactions made by small businesses made outside the U.S.

One look at the industry's C-suite makes it obvious that banks need to mirror demographic shifts far better and faster.

The founder of an IPO services company that was sold this month to Nasdaq has lined up several investors for his new company, which will invest in bitcoin and blockchain developers.

Apple Pay debuted last year as an enabler for many banks that were itching to get involved with mobile payments. But a few banks were able to leap ahead of Apple Pay with their own technology.

Sure, the U.S. government recently handed down strong new rules designed to protect consumers from unwanted robo-calls. But maybe some robo-calls aren't so bad. Like debt-collection calls in cases where the debt happens to be backed by Uncle Sam.

There’s no doubt that blockchain technology will facilitate disruptive innovations in finance, but a world of private ledgers sounds eerily similar to a range of “private Internets.”

UMB Financial in Kansas City, Mo., reported lower third-quarter profit, due to weaker revenue from its Scout Funds arm and merger costs.

A collection agency allegedly fraudulently collected more than $31 million from thousands of people across the U.S., a sum that could make it the largest collection scheme ever prosecuted.

The founder of an IPO services company that was sold this month to Nasdaq has lined up several investors for his new company, which will invest in bitcoin and blockchain developers.

Sure, the U.S. government recently handed down strong new rules designed to protect consumers from unwanted robo-calls. But maybe some robo-calls aren't so bad. Like debt-collection calls in cases where the debt happens to be backed by Uncle Sam.

Department of Housing and Urban Development staff are working on a revision to the agency's condo rule and "we anticipate a rulemaking process," the HUD Secretary Julian Castro said this week.

Nasdaq has unveiled its blockchain technology initiative. The platform uses blockchain technology to issue shares for privately held companies on the Nasdaq Private Market and record their transfers. Clients receive a comprehensive record of issuance and transfer.

CenterState Banks in Davenport, Fla., has agreed to buy Hometown of Homestead Banking Co. in Homestead, Fla.

United Community Banks in Blairsville, Ga., reported higher quarterly earnings despite costs tied to its purchase of Palmetto Bancshares in South Carolina.