Banking

A proposed bill would allow banks to receive a one-time tax credit for charged-off consumer debt. Banks would then donate the debt to non-profits dedicated to helping consumers repay their loans without resorting to litigation or charging interest.

The Federal Trade Commission has charged an operation that billed consumers up to $10,000 after falsely claiming it would settle debts and repair their credit.

U.S. consumer daily spending jumped in May, fueled by highest three-day average since 2008.

One of the largest jury awards against a credit reporting agency was reduced on appeal and the agency is appealing again.

CU Bancorp (CUNB) in Encino, Calif., has agreed to buy 1st Enterprise Bank (FENB) in Los Angeles.

E-commerce and payments companies are edging into the small-business lending territory long dominated by banks. If banks want to stay relevant, they need a simpler, speedier lending process.

Independent Bank Group (IBTX) in McKinney, Texas, has agreed to buy Houston City Bancshares.

First BanCorp (FBP) in San Juan, Puerto Rico, has resolved a large outstanding loan to Doral Financial (DRL) by taking on $242 million on mortgages that were used as collateral for the loan.

An international hackathon is helping Jorge Ruiz, Citibank's head of business development and digital banking for Latin America, keep the bank's apps fresh.

Peter Setaro, the chief information officer for First National Bank of the Gulf Coast, is stocking branches with free wifi and Kindles for customers to use.

Apple Inc. changed its policy to let software developers include virtual-currency transactions in their applications, paving the way for new forms of money like bitcoin to appear on iPhones and iPads.

Xapo says its Bitcoin debit card will start rolling out by the end of June, and it will be accepted anywhere by using the rails of a card network, interchange fees included.

Central Pacific Financial (CPF) in Honolulu has appointed Raymond Wilson as its chief risk officer.

A key member of United Financial Bancorp's management team has departed a month after the company's merger with Rockville Financial.

Downs, Kan., has had two locally based banks for many years, according to the Federal Deposit Insurance Corp.'s website. One dates to 1892, and the other to 1919.

BofI Holding (BOFI) in San Diego, the parent of BofI Federal Bank, is mourning the passing of Jerry F. Englert, a company founder and member of the board of directors.

Bank revenues from underwriting leveraged loans may decline as regulators step up scrutiny of underwriting standards, according to Keefe, Bruyette & Woods.

KeyBank in Cleveland has created a new checking account that eliminates fees for customers who agree not to write checks and do not expect the bank to cover their overdrafts.

Wells Fargo, the biggest U.S. residential lender, has stopped offering most customers the interest-only version of its home-equity line of credit.

A group of investment firms has forced American Bancorp. into liquidation over unpaid trust-preferred debt. Creditors have threatened to go this route before but this is the first time any have followed through, serving as an ominous precedent for the up to 300 banks in danger of defaulting on the hybrid securities.