Banking

Taylor Capital (TAYC) in Chicago has been notified by the Federal Reserve Board that its bank is facing an enforcement action for employing deceptive trade practices.

Midwestern community banks are in their best financial condition since early 2009, the Office of the Comptroller of the Currency said in a May 13 report.

Kennebec Savings Bank has a 19th century charter, but it is poised for a complex conversion to deal with modern challenges like activists investors, M&A pressures and even Basel III.

Regulators are now demanding every last detail to be put in writing; the upshot is that banks may be forced to cut ties with vendors that can't meet all requirements. Still, experts say more ironclad language is ultimately good for banks because it gives them protections they haven't always had.

Zipremit is planning a service that will enable merchants to accept payments and extend credit to consumers who don't want to use a credit card account.

Homeowners who took advantage of the refinancing boom aren't buying new houses, because it would mean taking on higher-rate loans. That's a problem for banks already reporting huge declines in mortgage revenue.

Attendees at this year's D.A. Davidson Conference believe the approval process is calming down somewhat. Other bankers say they are looking to lower capital levels, with many showing an interest in deposit-rich franchises.

Fiserv (FISV), a financial technology firm Brookfield, Wis., announced Wednesday that it received a new patent for "a customer value optimization process" in its Predictive Scores solution.

Bankers are optimistic that they will bounce back after a harsh winter in almost every part of the country raised their snow removal costs, slashed mortgage income and slowed overall customer activity.

Two of the largest companies in the student loan market will pay $97 million to settle federal charges that they unlawfully charged military personnel high interest rates and late fees on student loans.

Mortgage applications increased during the week ending May 9, driven by a jump in requests for refinancings, according to a report from the Mortgage Bankers Association.

Banc of California (BANC) in Irvine is looking to raise $100 million by selling common stock and tangible equity units.

Banks should view the recent influx of regulations on small-dollar credit loans as a chance to develop products that are at once profitable and safe for consumers.

Associated Banc-Corp (ASBC) in Green Bay, Wis., has been hit with a $500,000 fine by regulators for deficiencies in its anti-money laundering compliance procedures.

Huntington Bancshares (HBAN) keeps expanding in Michigan, agreeing to buy 13 more branches from Bank of America (BAC).

United Kingdom-based payday lender Cheque Centre is permanently leaving the payday loan business and has suspended related debt collection calls following enforcement action by the Financial Conduct Authority.

Green Tree's bad report card comes as regulators and lawmakers are scrutinizing nonbank servicers that have aggressively purchased mortgage servicing rights from banks.

Banco Santander Mexico now authenticates customers with their voice when they call the bank's automated phone system.

By strengthening direct consumer oversight, Bitcoin may shift consumer protection from law and regulation to reputation and trust, and even to mathematical proof of good service.

Executives at processor Total System Services can't predict which of the many existing mobile payments technologies will dominate the payments landscape of the future, but they plan to aggressively go after the processing business that follows.