Banking

A study of the top five U.S. auto insurers found an average 49% difference in premium costs for someone with an excellent credit score compared with someone with no credit history.

RealtyMogul.com in Los Angeles said it reached agreements for a total of $250 million in capital, which it will use to offer new products.

The $5.9 billion-asset company sold the subsidiary, First Merchants Insurance Group, on June 12 to USI Insurance Services, an insurance brokerage firm in Valhalla, N.Y.

Opus Bank in Irvine, Calif., has named a new head of commercial real estate lending after its current leader resigned.

The cumbersome regulations for prepaid products proposed by CFPB could reduce market competition, discourage innovation and effectively cut off many Americans' participation in the digital economy.

Global Debt Registry announced that its Account Extinguishment Report is available for free to consumers on its consumer website Debt Lookup. The firm calls it "a solution for protecting consumers from attempts to collect on settled, cancelled or closed accounts."

Community Bank in Pasadena, Calif., has completed a debt restructuring that will reduce second-quarter profit, but will improve its cost of funds and margins and increase yearly income.

Moody's managing director Will Black notes that P-to-P firms are growing at a time when credit losses are low, and argues that the companies' loan-servicing operations will become more important over time.

Multinational banks that delay preparation for the European Union's proposed General Data Protection Regulation could pay a steep price: hundreds of millions of dollars in fines.

The mega-banks' P2P venture, clearXchange LLC, has developed technology that could give it a key role in any implementation of faster payments in the U.S.

Rita Lowman, chief operating officer at C1 Financial in St. Petersburg, Fla., has been named chairwoman-elect of the Florida Bankers Association.

Emclaire Financial in Emlenton, Pa., has raised $8 million in a private placement of its common stock.

Hackers may have breached U.S. government personnel records more than once, accessing data on employee background investigations, the White House said on Friday.

"Wells Fargo" is suddenly the name that shall not be spoken for the Philadelphia 76ers.

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A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the pitfalls of using alternative data to score "credit invisibles" and whether Benjamin Lawsky's successor should play nice with big banks.

Riverview Bancorp in Vancouver, Wash., is in talks with an activist investor about a board seat.

Almost two-dozen banks in New York City do not appear to offer or widely advertise basic checking accounts, although state law requires it, the New York City Comptroller said Friday.

A call to improve customers' digital-banking experience was the top theme during SourceMedia's Digital Banking Summit. Banks should imitate the Apples and Googles of the world, not each other, experts said.