Banking

FIS and merger partner SunGard, along with all other vendors in the space, have not been able to come to market with innovative core systems or software platforms that adequately address the new digital paradigm banks face.

The mortgage delinquency rate - the rate of borrowers 60 days or more delinquent on their mortgages - continued its fast decline, falling to 2.72% in the second quarter ended June 30, according to TransUnion.

Once again the markets have fallen in love with a group of young, aggressive and not very regulated lenders.

City officials in Trenton, N.J. have hired a collection agency to pursue more than $2.9 million in outstanding municipal court fines.

Bitcoin was built on the sort of open-source ethos that has driven generations of geeks. But the same principles it celebrates—a decentralized network of contributors, a transparent code base—are allowing competitors to flourish. The bitcoin faithful aren't so sure that's a good thing.

The recapitalization will allow City National Bank to continue as a certified Community Development Financial Institution, the bank said.

Critics of the Consumer Financial Protection Bureau's data collection haven't bothered to learn the basic facts about the data the regulator collects before veering off into black helicopter paranoia.

Citigroup agreed to sell its Alternative Investor Services business to SS&C Technologies, a provider of software and investment services to the finance industry, for about $425 million.

Two research associations have filed a joint motion to intervene in a court case against new telephone rules issued by the Federal Communications Commission.

Rather than simply considering whether a prospective borrower's business contributes to climate change, banks are slowly turning their attention to making sure borrowers in a variety of industries account for how climate change could affect them.

The London-based bank payment network Earthport is expanding its application of distributed ledger technology (a system best known for its use with Bitcoin) to enable real-time cross-border payments and potentially reduce risk.

The FTC announced that judges for its Robocalls: Humanity Strikes Back contest selected a first place winner for the $25,000 cash prize for building a mobile app that blocks and forwards robocalls to a crowd-sourced honeypot.

American Banker looks at how banks are broadening their mission to include environmental protection — from shrinking carbon footprints to partnering with green startups to considering climate change in credit decisions.

The North Carolina company had made it clear it would pursue more acquisitions after closing its purchase of the $19 billion-asset Susquehanna Bancshares earlier this year.

First National Bank of Pana in Illinois has agreed to buy The State Bank of Blue Mound in Illinois.

Total System Services (TSYS), the Columbus, Ga.-based payment processor, has hired Patricia A. Watson to be senior executive vice president and chief information officer, effective Sept. 14.

New Supplemental Performance Metric should encourage lenders serve lower credit scores borrowers.

The Federal Trade Commission has closed its investigation of Morgan Stanley's massive data breach. It has identified the problem that allowed the breach to happen: access controls to a narrow set of reports were improperly configured.

PeoplesBank in Holyoke, Mass., will promote its chief financial officer to lead the bank, as Chief Executive Douglas Bowen plans to retire.

Social Finance Inc. has hired Joanne Bradford, a veteran of the technology and media industries, as chief operating officer.