Banking

Big banks stand to lose hordes of young and dissatisfied customers to digital banking startups and tech behemoths like Google, Apple and Amazon. Community banks, on the other hand, have a more loyal base.

Citigroup Inc., the third-biggest U.S. bank, said second-quarter profit tumbled 96 percent on $3.7 billion in costs tied to a mortgage-bond settlement with U.S. authorities.

Citigroup Inc., the third-largest U.S. bank by assets, agreed to pay $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis.

As banks cut cross-border transfer services to emerging markets because of perceived risk, the market for remittance services opens up for digital payments startups.

The Bancorp (TBBK) in Wilmington, Del., is looking to sell up to $50 million in common stock.

Two men who said they ran a payday loan brokerage in Tampa, Fla., have agreed to settle Federal Trade Commission charges that they stole hundreds of thousands of dollars from consumers' bank accounts.

Hanmi Financial (HAFC) in Los Angeles has sold two insurance businesses Chunha Holding in Garden Grove, Calif.

The San Francisco bank abandons a practice that led to more overdraft fees and drew the ire of consumer advocates.

Jane Thompson, former president of Wal-Mart Stores' financial services unit, has joined the board of the Center for Financial Services Innovation, a research group in Chicago that focuses on low-income consumers.

Blue Hills Bancorp in Norwood, Mass., has received significant demand for its planned stock sale.

The Consumer Financial Protection Bureau says brokers will have to comply with compensation limits even if they are funding loans via a warehouse line of credit.

The San Francisco bank posted strong growth in commercial loans in the second quarter, which may bode well for other banks that concentrate on business lending, but it wasn't enough to prevent questions about how Wells will be able to maintain its performance in the face of stepped-up competition from other lenders.

Signature Bank (SBNY) in New York has created a pair of nationwide lending offices, focusing on restaurant franchises and the commercial marine industry.

For the sanity of the IT department and to ease regulators' concerns, more banks are looking at mobile device management software to manage, secure and back up employees' phones and tablets. Increasingly workers want to use their personal devices for work, too.

Dozens of insurers have sold off their banks in recent years, with just a handful choosing to remain in the business. Mutual of Omaha Bank is committed to building a traditional community banking culture with its parent company's backing.

Wells Fargo executives said they support federal regulators' effort to expand mortgage credit availability but cautioned that it will produce little benefit for the bank's, or the industry's, bottom line.

C1 Financial in St. Petersburg, Fla., is going public.

QNB Corp. (QNBC) in Quakertown, Pa., is looking to replace its chief financial officer.

Fiserv and ChannelNet have added a feature to LoanLink, their borrower self-service tool, that lets distressed consumers apply online to restructure their mortgage or installment loans.

The operators of the scheme the falsely promised to help consumers get loans, but instead used personal financial data to take money from bank accounts without consent, have settled FTC charges.