Banking

The government hit JPMorgan Chase hard in its mortgage settlement last year, but that history did not stop President Obama from using a JPMorgan credit card to purchase barbecue after a recent economic speech in Texas.

First National Bank of Southern California in Riverside and First Mountain Bank (FMBP) in Big Bear Lake, Calif., have terminated their planned merger.

The banking industry is pushing back against a plan released this week by the Consumer Financial Protection Bureau to publicize more details about consumers' individual complaints about financial companies.

Regulatory constraints make it hard for banks to offer payday and other short-term loans, so why not refer those potential customers to credit unions who can? Some banks -- including Bank of America, TD and South State -- have decided this is a good strategy and helped start a credit union in South Carolina to do the job.

First Interstate BancSystem (FIBK) in Billings, Mont., will close eight branches after it acquires Mountain West Financial (MTWF) in Helena, Mont.

LNB Bancorp (LNBB) in Lorain, Ohio, has hired a new chief financial officer.

East West Bancorp (EWBC) in Pasadena, Calif., reported double-digit earnings growth in the second quarter increase in its second-quarter earned a profit in the second quarter loan growth following the MetroCorp acquisition earlier this year.

The New York Department of Financial Services has released proposed framework for its much-anticipated BitLicense. Though the agency describes its proposal as a balanced approach that does not stifle innovation, its rules might be considered too strict for many companies.

Trust-preferred creditors have forced two indebted bank holding companies into involuntary bankruptcy this summer. Secured lenders may soon follow their lead and start foreclosing on bank stock collateral.

KeyCorp (KEY) in Cleveland reported higher quarterly earnings after a jump in investment banking and debt placement fees and lower credit costs.

WEX, a corporate payments company, has closed its acquisition of Evolution1, a Fargo-based firm that produces software to manage health care transactions.

Sageworks, a credit-risk management, analysis and valuation solutions provider in Raleigh, N.C., has launched a cloud-based bank and credit union data platform for banks, investors and banking industry vendors.

New York's financial regulation chief is proposing a "BitLicense" regulatory regime that he says will protect consumers and root out wrongdoing without stifling innovation by virtual-currency businesses in the state.

A new report shows a total of 613,874 U.S. properties with foreclosure filings - default notices, scheduled auctions and bank repossessions - in the first half of 2014, a 19% drop from the previous six months.

Webster Financial (WBS) in Waterbury, Conn., reported higher quarterly earnings but missed its earnings targets as mortgage-banking fees declined more than expected.

The plan was for Kang Gao to do his exit interview with Two Sigma Investments LLC, a $21 billion quantitative hedge fund in New York, and jump to Citadel LLC, a rival firm in Chicago.

KeyCorp (KEY) in Cleveland has agreed to buy Pacific Crest Securities, a technology-focused investment bank and capital markets firm.

New rules published by New York State regulators include better disclosures for collection communications, provisions for email, protections against time-barred collection and stronger verification procedures.

Nonbank mortgage lenders pose greater risks to Fannie Mae and Freddie Mac because they have limited government oversight and generally weaker finances than banks, according to a government watchdog report.

Under a measure passed Wednesday, the use of federal funds to punish banks for providing accounts to pot businesses would be prohibited.