Banking

Many banks' legacy systems were built decades ago and are maintained by folks nearing retirement. The challenge for CIOs is finding talented young recruits who are as well-versed in old technologies as they are new ones.

Washington Federal (WAFD) in Seattle reported increased quarterly earnings after buying dozens of branches from Bank of America (BAC).

The Federal Deposit Insurance Corp. has proposed tailoring its system for pricing banks' insurance premiums to correspond with new Basel capital requirements.

Security breaches exposing consumers' personal information are becoming larger and more frequent in New York, costing businesses more than $1.37 billion last year, the state attorney general's office said.

JPMorgan Chase Chairman and CEO Jamie Dimon, recently diagnosed with throat cancer, told analysts that the Wall Street bank has an "exceptional group of executives" who could replace him someday — but that that won't be happening any time soon.

Banks that want to stay ahead of the digital curve should consider hub-and-spoke branch models, products that blend digital and physical services and innovation labs that allow creative thinkers to experiment — and even to fail.

American Express (AXP) went on trial last week in Brooklyn over government allegations that its rules for merchants violate antitrust law. The trial, which is expected to continue until September, is merely the latest episode in the credit card industry's long-running antitrust battles. Here’s a look back at some of the most important antitrust cases involving the card networks.

Comerica (CMA) in Dallas reported higher earnings for the second quarter thanks heavily to savings on salary-related expenses.

Independent Bank in McKinney, Texas, is planning to raise capital by issuing debt.

"The real question for me is should we be in the FHA business at all," the CEO says.

Shares of Bank of the Ozarks (OZRK) rose in early trading Tuesday after the Little Rock, Ark., company reported a 30% increase in its second-quarter profit.

Commerce Bancshares (CBSH) in Kansas City, Mo., reported higher quarterly earnings because of a slight increase in revenue.

Frederick J. Hanna & Associates responded to a lawsuit filed Monday by the Consumer Financial Protection Bureau.

Australian banks give homeowners greater flexibility with portable loans and an option that lets customers make prepayments on their mortgages and tap into the extra cash later. American banks could increase customer retention — and build stronger client relationships — by doing the same.

The number of U.S. homes using only wireless telephones is growing, with two in every five households (41%) in the second half of 2013 reporting relying solely on cell phones, according to a National Health Interview Survey.

The FDIC, OCC and Federal Reserve all plan to testify Tuesday that banks, not their regulators, are ultimately responsible for deciding who is an appropriate customer.

JPMorgan Chase & Co., the biggest U.S. bank, posted second-quarter profit that beat estimates as fixed-income trading revenue fell less than analysts expected. Shares rose in early trading.

TowneBank (TOWN) in Suffolk, Va., has agreed to buy Franklin Financial (FRNK) in Richmond, Va.

Wintrust Financial (WTFC) in Rosemont, Ill., reported higher quarterly earnings as income from loan growth offset lower fee revenue.

Ocwen Financial (OCN) has repurchased approximately $72.3 million in stock from WL Ross & Co., a private-equity firm in New York.