Banking

IRAs, which are the widely used retirement savings vehicle in America, cost consumers $43 billion in fees in 2012, according to a startup that launched in the U.S. Tuesday to bring awareness to that price tag.

Lakeland Financial in Warsaw, Ind., has appointed Lisa O'Neill as its new chief financial officer. She joins the $3.2 billion-asset company from First Manitowoc Bancorp in Manitowoc, Wis., where she has served as CFO since 2007.

Instead of tasking one team with developing new products, give everyone – from senior management to tellers – permission to innovate continuously. Tapping those with firsthand experience of what works and what doesn't on a day-to-day basis can spur big changes.

Convergys has acquired rival call center giant Stream Global Services for $820 million.

Breaking into the ultra-competitive credit card market requires time, money and creative thinking. Wells Fargo is behind on the first and isn't talking about the second, but is hoping that the third can make up the difference.

The agency released new research that suggests it’s likely to restrict the frequency with which consumers can take out payday loans.

Let's stop talking about what we don't like and start having more productive discussions on how elected representatives, regulators, consumer groups and industry leaders can work together to foster innovation in the short-term credit market that leads to better products for the nation's consumers.

Simmons First (SFNC) in Pine Bluff, Ark., has agreed to buy Delta Trust & Banking in Little Rock, Ark.

First Financial Bancorp (FFBC) in Cincinnati has promoted Brad Ringwald to president of corporate banking. Ringwald joined First Financial in 2006 and has been the president of its specialty finance group since the unit was established three years ago.

If banks are serious about outsmarting thieves, fraudsters and hackers then they need to be more open to sharing information between departments and with rival banks and nonbank partners, industry practitioners say.

U.S. News & World Report published a commentary piece on debt collection practices on Monday. Perhaps not surprisingly, the article does not cast the industry in a favorable light.

Noah Hanft, MasterCard's general counsel and chief franchise officer, is leaving the financial industry (mostly) behind for a gig as the head of the International Institute for Conflict Prevention and Resolution.

Solera National Bancorp (SLRK) is being challenged by a former director who wants to wrest control of the Lakewood, Colo., company's board.

Federal banking regulators issued a proposal that would establish standards for states that register and track appraisal management companies.

Xenith Bankshares (XBXS) had been eager to enter the bustling Hampton Roads area. It plans to use Colonial Virginia, located close to the region, to make a beachhead.

Tera Group Inc. created a legal framework for Bitcoin swaps, which would let investors trade payments based on how the virtual currency performs against a real one.

Higher rates, mounting costs and the opportunity to lend to underserved borrowers have pushed some residential lenders to lower their minimum FICO scores, despite broader reluctance to take more risk in a heavily regulated market.

Central Pacific Financial (CPF) in Honolulu will repurchase $125 million of common stock.

FFW Corp. in Wabash, Ind., has a $2.6 million loan chargeoff recovery.

Farmers Capital Bank (FFKT) in Frankfort, Ky., has received regulatory approval to repurchase some of its preferred stock.