Banking

Former Wells Fargo (WFC) executive Bob Garrett has joined the institutional trading network Liquidnet as head of technology.

Talking to consumers about the impact of their borrowing and payment decisions on their credit reports and credit scores is a critical part of helping them make solid financial decisions. But legal restrictions may ultimately deter companies from engaging in those types of discussions.

A failed Kansas bank is suing state regulators alleging that they had insufficient grounds to close it.

The Santa Clara (Calif.) County Department of Revenue, which acts as the county's central collection agency, reported Tuesday that 1,060 people are the potential owners of nearly $244,000 in unclaimed money.

Midland, Texas is the latest in a growing number of cities proposing an ordinance that affects payday lenders, or credit access businesses.

Simsbury Bank (SBTB) in Connecticut named a new retail management officer to succeed Howard Zern who is retiring at the end of this month.

Flagstar Bancorp (FBC) in Troy, Mich., reported a significant first-quarter loss as its loan-loss provision more than quintupled.

Those in the industry say customers aren't asking for specific same-day capabilities. Could it be that they aren't asking because they are finding solutions elsewhere?

Profits at Prosperity Bancshares (PB) in Houston grew by more than a third thanks to recent acquisitions as well as organic loan growth.

Popular (BPOP) in San Juan, Puerto Rico, has found buyers for its regional operations in Illinois, California and central Florida.

Community Bank System (CBU) in Syracuse, N.Y., reported higher profits on payback from a branch acquisition and stronger credit quality.

A new survey provides further evidence that continuing declines in mortgage origination volume have motivated lenders to ease credit standards.

Discover's not worried about the increase of alternative payment companies offering hefty rewards in an attempt to cut into interchange revenue, Chairman and CEO David Nelms told investors on April 22.

Fulton Financial (FULT) in Lancaster, Pa., reported higher quarterly profit that benefited from a cost-cutting initiative.

Discover Financial Services' (DFS) earnings shrunk in the first quarter as expenses rose and the company set aside more cash for loan losses.

Trustmark (TRMK) in Jackson, Miss., reported earnings of $29 million in the first quarter, up 13% from the same period last year.

Brokers of servicing rights say the overall market remains robust, despite suggestions by Ocwen's William Erbey last week that trades had ground to a halt. Trading of seriously delinquent portfolios has slowed on concerns about increased liability.

The Atlanta bank's directors have had "robust discussion" about its efficiency ratio and return on assets, and 80% of long-term compensation is tied to performance, says Doug Ivester, SunTrust's lead independent director and a former Coca-Cola CEO.

The Target card data breach dominated headlines last year, but it was just one of hundreds of hacking incidents to hit banks and expose the personal information of their customers, according to Verizon's latest Data Breach Investigations Report.

Management is in the process of putting together a new capital plan designed to reduce the Salt Lake City company's risk profile while empowering lenders to do their jobs.