Banking

An Indianapolis credit union will take a $26 million loss on default-prone loans to ITT Technical Institute students. The college's parent company was recently sued by the Consumer Financial Protection Bureau for predatory lending practices.

The House of Representatives on Tuesday approved a bill that aims to make it easier for Somali-Americans and other immigrants to send money to friends and relatives in their home countries.

Higher regulatory and compliance costs may push more small banks to sell themselves or merge with larger institutions. But so far, community bank consolidation rates are following historical patterns.

The Idaho Supreme Court unanimously ruled recently that medical collection agency Medical Recovery Services cannot ask for attorney's fee that are higher than what patients paid for their care.

Collection agency Transworld Systems will take over collection services for an Indiana city, where officials hope to recoup part of several hundred thousand dollars in liens.

FIS is examining whether a public ledger like bitcoin's could help securely move funds on existing networks. Fiserv is examining bitcoin's use of encryption to ensure transfers are secure.

While Jamie Dimon and Warren Buffett express doubts about bitcoin, executives running the financial industry's back offices are looking at mimicking the virtual currency's methods of moving money quickly and cheaply.

Lenders everywhere are looking for signs of heightened loan demand, and a San Diego bank says it has found a strong one.

Online apparel retailer Cory Vines positions itself as an alternative to much larger chains, so deciding to accept Bitcoin was a logical step. It also helps that its customers want to pay with the digital currency.

Simmons First National (SFNC) in Pine Bluff, Ark., has agreed to buy Community First Bancshares in Union City, Tenn.

The nation's fourth-largest bank has opened another mini-branch in hip Washington, D.C., neighborhood teeming with young professionals. Is this the prototype for the urban branch of the future?

Kinderhook Bank in New York has raised $7.4 million after selling preferred stock.

A Michigan state court judge has reportedly postponed a trial in which former customers of Lotus Bancorp in Novi, Mich., had filed a lawsuit against the bank's executives for sending racist emails.

CertusBank in Greenville, S.C., has hired a new internal auditor and promoted eight other executives as it reorganizes management weeks after the ouster of its top executives.

WASHINGTON — The Consumer Financial Protection Bureau issued a proposal Tuesday that would allow financial institutions to post their privacy notices online rather than by paper delivery under certain circumstances.

A bill scheduled for a House vote Tuesday afternoon, designed to help Somali-Americans send money home, highlights the longstanding tension between anti-money laundering regulations and global financial inclusion.

Big banks are reporting an increased appetite for lending to small businesses and, in doing so, they are slowly stealing market share from smaller lenders, according to Biz2Credit's monthly index of business lending trends.

Four bank holding companies have been freed from regulatory enforcement actions, the Federal Reserve Board announced Tuesday.

Wells Fargo and American Express launched two new credit card products on Tuesday.

Elizabeth Warren is proposing to allow outstanding student loan borrowers to enjoy low rates by removing certain tax advantages for the wealthy.