Banking

The $1.3 billion-asset company said in a press release that Thomas Cherry will succeed Larry Dillon, who will remain chairman and chief executive. The company added that Cherry is expected to eventually succeed Dillon as CEO.

New York financial regulator Benjamin Lawsky revised his proposal for policing virtual-currency companies to eliminate some rules that Silicon Valley claimed would crush the fledgling industry.

Fifth Third Bancorp in Cincinnati has named an executive of the Cincinnati Bengals football team to its board.

An audit of Cheyney University in Pennsylvania found the school's financial status has deteriorated in the past five years, partly because of failed collection efforts. Bad debt increased 348% since 2010.

One of the defendants behind a massive landline cramming operation that placed more than $70 million in unauthorized charges on consumers’ phone bills has agreed to settle Federal Trade Commission charges against him.

Tri-Valley Bank in San Ramon, Calif., plans to raise $2.5 million through a private placement of common stock.

The $6.5 billion-asset bank said in a press release Thursday that it plans to transfer its common stock and senior notes to the NYSE from the Nasdaq.

Once known as peer-to-peer, online marketplace lending grew phenomenally and evolved rapidly in 2014, as capital flooded in from institutional investors and traditional bankers sat up and took notice.

American Banker has named online marketplace lending the Innovation of the Year. Matt Burton, CEO of Orchard Platform, explains how this booming business evolved out of peer-to-peer lending and whether alternative finance firms are competing with banks.

Orchard Platform CEO Matt Burton discusses how online marketplace lenders use data and technology to speed lending and improve transparency.

Online marketplace lending, a mushrooming business in the U.S. and the U.K., could take hold elsewhere, says Matt Burton, whose Orchard Platform is looking to expand its lender-support and analytical services internationally.

A new report from the Office of the Comptroller of the Currency finds potential industry threats from interest rate volatility, looser underwriting and other areas.

Before its IPO this week, online lending platform OnDeck was operating "with the discipline of a public business," holding simulated earnings calls among other exercises, says Noah Breslow.

Meta Financial Group in Sioux Falls, S.D., has filed to raise up to $26 million by selling common stock.

The CFPB sued Sprint on Wednesday, claiming it allowed illegal charges onto customer's cell phone bills. The case is likely to be a test of whether the agency has the power to oversee telecommunications firms.

The Consumer Financial Protection Bureau is suing a Dallas company that the agency says misled customers into signing up for a "sham" credit card.

Small banks and credit unions are looking to a lab hosted by NCR's Digital Insight to try out new tech like biometrics and beacons in an effort to keep up with their larger competitors.

South Shore Bank in South Weymouth, Mass., has lined up its next president and chief executive.

Citizens Financial Group in Providence, R.I., is expanding its health care practice banking group for the second time this year.

State Street in Boston has split the positions of president and chief executive.