Banking

WICHITA, Kan. – A federal court yesterday dismissed almost $2 billion of civil claims NCUA filed against JP Morgan Chase for the sale of mortgage-backed securities sold by Washington Mutual Bank to U.S. Central FCU, WesCorp FCU and Southwest Corporate FCU, the latest in a string of dismissals issued by the court in the credit union regulator’s efforts to recoup losses for the corporate credit union bailout.

Checking account fees may help banks pad revenue, but a new survey suggests that ATM and overdraft charges can send customers running.

If spun off from firms that rate corporate debt, raters of asset-backed securities would have less incentive to sugarcoat ratings in exchange for the promise of an issuer’s other business.

Citibank has agreed to pay $55,000 to settle a complaint by the Connecticut attorney general that the bank was aware of a security flaw in its online banking service that resulted in hackers obtaining payment card data and stealing about $2.7 million.

The ATM Acquirers Alliance is restructuring its organization to accommodate new industry segments and payments technology and has changed its name to Integrated Payments Alliance.

Two years after a data breach that compromised hundreds of thousands of customer accounts, Citibank has agreed to pay a $55,000 settlement to Connecticut.

The risk retention requirement was supposed to ensure lenders had "skin in the game" when making mortgages. Instead, regulators appear to have abandoned that concept by crafting an exception so large that most single-family mortgages will be exempted.

Republic Bancorp (RBCAA) in Louisville said it is highly unlikely that it will complete its purchase of H&R Block Bank by the end of this year.

Online lender Western Sky Financial says it has laid off 94 employees on a South Dakota Indian reservation following its decision to suspend operations.

Holly Schreiber will step down Wednesday as chief financial officer of 1st Financial Services in Hendersonville, N.C. She will remain as a consultant while its sale to First Citizens BancShares (FCNCA) is being completed.

Capital levels at SouthBank in Palm Beach Gardens, Fla., have dropped below a minimum required by regulators.

Five Star Credit Union in Dothan, Ala., has agreed to buy Flint River National Bank in Camilla, Ga.

TowneBank (TOWN) in Portsmouth, Va., has converted all of its Series A preferred stock into common stock.

Regulators have lifted a seven-year-old enforcement action against CIB Marine Bancshares (CIBH) in Waukesha, Wis.

In an effort to battle Chinese hackers, Australian researchers are working on facial recognition technology, according to reports.

The American Bankers Association has endorsed the mortgage unit of SunTrust Banks (STI) as an outlet for banks to sell mortgage loans.

Banks hit another earnings record in the second quarter, but there were other pieces of good news tucked away inside the Federal Deposit Insurance Corp.'s recently released Quarterly Banking Profile as well. From better credit quality to a falling number of "problem" banks, the industry had a lot to celebrate — even if it must also face the grim prospect that falling loan loss provisions won't boost earnings much longer.

Marie Blake now oversees the $13.1 billion-asset company's regulatory compliance department, it said Tuesday.

Marketing data analytics company Acxiom has announced that it will begin letting consumers see some of the data it's collected on them.

Pacific Commerce Bank (PFCI) has completed corrective steps mandated by the Federal Reserve Bank of San Francisco.