Banking

The Financial Stability Oversight Council has manifestly failed to demonstrate that it has any idea how to determine if a financial firm is systemically important, writes AEI fellow Peter Wallison.

The city council in Victorville, Calif. has passed a 45-day moratorium on permits for payday lenders as it explores the risks the short-term loan businesses pose to the city's low-income population.

Bank of the Ozarks recently overhauled how it awards bonuses after a big dip in shareholder approval, showing how much weight some banks place on the nonbinding measures and how proxy-advisors can swing the vote.

Berkshire Hills Bancorp (BHLB) in Pittsfield, Mass., has named William J. Ryan as its new chairman and said that its lead independent director, Lawrence Bossidy, is retiring from its board.

Bryn Mawr Bank (BMTC) in Pennsylvania will call a special meeting of shareholders to approve a new equity compensation plan after certain stock awards ran afoul of the Nasdaq.

Recovery rates for covenant-lite loans, which impose few financial restrictions on debtors, were pretty decent during the last downturn. But history may not repeat itself.

As Bitcoin's first-mover momentum spreads the digital currency's adoption, the "proof of work" model it uses to confirm transactions is coming under scrutiny, providing an opportunity for alternative currencies to win favor.

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Katahdin Bankshares (KTHN) in Houlton, Maine, has completed a $10 million private placement.

WASHINGTON — Regulators on Friday closed Freedom State Bank, in Freedom, Okla., the 12th institution to fail this year.

Banks would get protection from the Justice Department's investigation of mass-market consumer fraud under legislation sponsored by Rep. Blaine Luetkemeyer, R-Mo.

LendingClub Corp., the largest U.S. peer-to-peer lender, is planning an initial public offering in the second half of the year and may raise about $500 million, people with knowledge of the matter said.

M&T Bank (MTB) in Buffalo is embedding microchips in its commercial credit cards as part of a broader initiative to boost market share in the commercial card business.

Community-sized institutions with cybersecurity gaps are facing new attention from regulators under a pilot exam project.

Canadian Imperial Bank of Commerce, the lender that sold half its most popular credit-card portfolio last year, will offer a new card that rewards users with loyalty points for doughnut chain Tim Hortons Inc. (THI)

Needham Bank has too many loans and not enough deposits. Its solution — to aggressively add branches — runs counter to emerging trends in the banking industry.

Payment Alliance International has a deal with OnPoint Community Credit Union to apply OnPoint's branding to automated teller machines at all 72 Rite Aid pharmacies in Oregon.

New York is attracting financial technology startup companies and venture capitalists, who like the proximity to large banks. But watch out for London.

Customers Bancorp (CUBI) in Wyomissing, Pa., has raised $133.2 million in a private placement.

Ocwen hopes to do more with a novel transaction structure that transfers the prepayment risk of mortgage servicing rights. Other companies are exploring ways to finance a notoriously hard-to-finance asset.