Banking

Expensify announced Saturday a feature that lets a business customer of its expense report software share access with one other person.

Pulaski Financial (PULB) in St. Louis has appointed two executives to lead its mortgage division.

JPMorgan Chase (JPM) will pay $2 billion in penalties to settle charges that it ignored warning signs of the Bernard Madoff Ponzi scheme, according to multiple news reports.

Amazon is combining on-device tech support with videoconferencing. Will banks follow suit and provide personal human support in their apps?

American Express Co. and Discover Financial Services are among financial firms more at risk of losing customer deposits than traditional banks as interest rates rise, according to Fitch Ratings.

The second half of December is generally a slow period for news, with many people on vacation and businesses and government closed on holidays. Still, banks made a number of significant announcements this holiday season. In many cases the timing of disclosures may have been driven by circumstance - regulators appeared eager to wrap up settlements by yearend.

JPMorgan Chase agreed to settle a lawsuit brought by the Federal Home Loan Bank of Pittsburgh after a judge ordered the JPMorgan to turn over the government's draft complaint at the center of its $13 billion deal with regulators.

The $2 billion-asset company is moving the headquarters of its mortgage banking and wealth management businesses to the Greater Richmond area, according to a Friday press release.

Kevin Miller resigned on Friday, effective immediately, the $839 million-asset company said in a regulatory filing.

Wells Fargo and U.S. Bank are among the institutions still offering the controversial loan product in the face of tough guidance that took effect in November.

Another Side of the Bitcoin Debate: Pamela J. Martinson and Christopher P. Masterson of Sidley Austin LLP took on one of 2013's hottest topics – Bitcoin – by warning there were hazards in lending to the cryptocurrency's users. "Owned Bitcoin has the potential to be collateral for loans, but creditors are likely more concerned with restricting Bitcoin acquisition or use by borrowers due to the uncertain regulatory landscape, irreversible nature of payments, extreme volatility of value and anonymity of the system," they wrote. One reader felt a borrower's use of Bitcoin wasn't always relevant. "If the debtor uses another asset, like a traditional bank account, and does not offer the bitcoin as collateral, what business is it of the bank whether that person or company owns or handles bitcoin?" he wrote. Another commenter thought the authors were selling the cryptocurrency short. "Bitcoin technology introduces some very new novel ways to use bitcoins in collateral and escrow transactions that simply have no parallel in today's banking system," the reader argued. "In a nutshell, because the authority to transfer Bitcoin is established through mathematics rather than institutions, it is possible to create elaborate mathematical equations … where control of the Bitcoins is spread across multiple parties." (Indeed, the economics and technology writer Eli Dourado has described "m of n" multi-signature transactions, in which bitcoins cannot be released from an account without the consent of at least one party plus an arbitrator.) Martinson and Masterson described loan agreements with covenants or reps and warranties that restrict borrowers' use of Bitcoin, and a commenter on Reddit smelled foul play, grumbling, "Here's another way in which banks are trying to squelch Bitcoin." But another Redditor had a more prosaic take: "Banks are so stupid, they can't change their paradigms so they are completely missing the boat."

Severn Bancorp (SVBI) in Annapolis, Md., will take a $4 million pretax charge in the fourth quarter after selling troubled loans.

Digital banking could help put roughly 35% of the mortgage share of traditional banks in North America up for grabs by 2020, according to Accenture Credit Services research based on in-house client data.

State Bank Financial in Atlanta was able to fund an unexpected app for commercial clients because it took a fluid approach to budgeting. Other banks should take note of this approach.

Following the lead of other retailers, the National Retail Federation filed an appeal Jan. 2 of a U.S. District Court ruling to approve the years-long class action against the card brands that resulted in a $5.7 billion swipe-fee settlement.

CNB Financial (CCNE) in Clearfield, Pa., plans to sell up to $75 million in preferred and common stock.

Investors Bancorp (ISBC) in Short Hills, N.J., is set to complete its purchase of Gateway Community Financial in Sewell, N.J., next week.

Sandra Braunstein, the director of the Federal Reserve Board's division of consumer and community affairs, plans to retire on April 1, the agency announced Jan. 3.

Taiwan Semiconductor Manufacturing Co., Advanced Micro Devices Inc. and other companies have seen more than $200 million in sales in 2013 for computing components used to create Bitcoins, Wedbush Securities Inc. said.

Mackinac Financial (MFNC) in Manistique, Mich., has completed the redemption of stock originally issued to the Treasury Department under the Troubled Asset Relief Program.