Banking

Wells Fargo is raising minimum credit score requirements on Federal Housing Administration loans, part of the ongoing jockeying by large banks to limit lawsuits by the Justice Department for defective FHA loans.

House lawmakers from both parties had tough words Thursday for the National Credit Union Administration about its revised risk-based capital proposal.

Activity at credit unions has been on the rise since the Bank Transfer Day movement in November 2011. It remains to be seen, however, if credit unions can succeed at keeping many of those relationships.

The Stamford, Conn.-based credit card issuer expects to be independent by the end of the year, and predicts that it will benefit from its separation from General Electric.

Faster payments have a lot of benefits — and one big downside. A new electronic payments system could make it easier for people to unwittingly send money to scammers and harder for fraud victims to get their money back.

Prudential Bancorp in Philadelphia has named Anthony Migliorino to the newly created job of chief operating officer.

Fiserv has completed a test run of its card-free ATM software, in partnership with VyStar Credit Union.

A total of 109,561 U.S. properties had foreclosure filings - default notices, scheduled auctions and bank repossessions - in August, down 12% from July and down 6% from a year ago.

The results of a nine-year study of consumers enrolled in debt settlement programs show consumers realize financial benefits and have a higher probability of success since regulatory reforms took effect in 2010.

Fundera, which runs a website where small-business owners can shop for loans, has raised $11.5 million in new equity funding.

Atlanta-based bitcoin payment processor BitPay has suffered a phishing attack costing the company $1.8 million.

Community banks will soon have a new way to lend to each other, though it is unclear how eager they might be to participate.

Not only do rules imposed under the Dodd-Frank Act threaten regional banks' lending capabilities, they could actually wind up increasing risk to the financial system.

BankUnited in Miami Lakes, Fla., will book a $50 million income-tax benefit in the third quarter.

The operators of a fraudulent collection scheme will be banned from the collection business under a settlement with the Federal Trade Commission, resolving charges that they illegally processed more than $5.2 million in payments for phony debts.

The third quarter ends in two weeks, and top executives at Citigroup, Wells Fargo, and two regional banks are raising concerns about cost pressures, impediments to revenue growth and heightened lending risks.

The $3.4 billion-asset company plans to use the proceeds for general corporate purposes, possible acquisitions and capital investments in Bridgehampton National Bank.

The $2 billion-asset company said in a press release Wednesday that Douglas Glenn resigned as president and chief executive. Glenn, who was 48 as of the company's April 27 proxy, also resigned as a director. He had been the chief executive since August 2011.

A Federal Reserve decision is expected soon on M&T's long-delayed application to buy Hudson City Bancorp. M&T would still get strategic benefits it sought, but Hudson City has shrunk and become less profitable since it agreed to sell three years ago, and the cost of the deal has risen.

It remains unclear if a new platform from the Chicago Board Options Exchange will provide enough incentives and safeguards to prompt community banks to switch from using the existing federal funds system.