Banking

Bank of the Ozarks in Little Rock, Ark., has agreed to buy Bank of the Carolinas in Mocksville, N.C.

Debt-buying giant PRA Group on Wednesday reported strong first-quarter gains.

Ocwen Financial failed a test to determine whether it had notified borrowers of missing or incomplete documents for loan modifications in a timely manner, according to the national mortgage settlement monitor.

Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations, Financial Crime Enforcement Network Director Jennifer Shasky Calvery said May 6.

Since fraud liability shifts to the least compliant party after the network-mandated EMV migration dates, it is critical that financial institutions migrate all channels, including ATMs.

Farmers Capital Bank in Frankfort, Ky., will repurchase the rest of its outstanding preferred stock.

While the penalty is a blow to Ripple Labs, it could have significant implications for the industry at large and its efforts to legitimize itself in the eyes of regulators and banks. Here's how:

QCR Holdings in Moline, Ill., will sell 2.8 million shares in a public offering.

The Boston and San Francisco Home Loan banks are poised to join the MPF Direct program, which allows FHLB members to sell jumbo loans to Redwood Trust.

Companies like OnDeck and Lending Club are under pressure to keep finding new borrowers, but there are signs that customer acquisition costs are rising amid heavier competition.

Naugatuck Valley Financial in Naugatuck, Conn., has been freed from a regulatory order.

Bank of America, led by Brian Moynihan, at its annual meeting tried to look responsive to criticisms of its corporate governance, slow turnaround and other matters while announcing it would phase out lending to coal companies.

The Fintech Sandbox — an accelerator of sorts for startups — has attracted ten data providers and eight fintech startups in two months. But it's still missing what it needs most: bank members.

Western Union said it's not in talks to acquire smaller rival MoneyGram International. Bloomberg reported Tuesday that Western Union is in early-stage talks to buy the company, as both contend with competition from upstart money-transfer companies.

WASHINGTON — Financial Crime Enforcement Network Director Jennifer Shasky Calvery said Wednesday that Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations.

China's government plans to allow foreign card-payment networks to process domestic transactions. But companies like Visa and MasterCard will have a tough time capturing a percentage of China's explosive payments market.

Collection agency J.E. Robert Co. Inc., also called JER Revenue Services, faces a lawsuit that charges that firm with inflating attorney fees owed by residents in New York who were late on their water and sewer bills.

WASHINGTON — More than 26 million consumers are effectively "credit invisible" because they have no credit record and another 19 million are "unscored" because they have an insufficient or stale credit history, according to a report released Tuesday by the Consumer Financial Protection Bureau.

A new study shows nearly half of consumers have checked their credit score in the past year, a sign that access to scores is getting easier for consumers.

Western Union is in early-stage talks to acquire smaller rival MoneyGram, people with knowledge of the matter said, as both companies contend with stiff competition from upstart money-transfer companies.