Banking

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.

Terrorism financiers are exploring the use of virtual currencies such as bitcoin to fund their operations as authorities crack down on the flow of illicit money through more traditional channels, the U.S. Treasury Department said.

Worth Carter is reluctant to talk to investors and media. He is tight-fisted with costs and is willing to hold off making loans. His namesake bank doesn't offer online banking. But the institution is riding a hot streak of profitability that would make other banks jealous.

Community West Bancshares in Goleta, Calif., said that a litigation settlement concerning its sale of residential-mortgage loans will reduce its second-quarter profit.

A watchdog group is proposing a ballot measure that would impose a cap on interest rates charged by the lenders.

Highlands Bancorp in Vernon, N.J., has acquired LCD Mortgage, a residential mortgage originator in Totowa, N.J.