Banking

Federal prosecutors in Chicago have filed charges against 10 individuals tied to an alleged vehicle financing scheme that cost Fifth Third Bancorp (FITB) and 19 other lenders more than $56 million.

A new wearable computing wristband from Canadian startup Bionym that is expected to ship in early 2014 could be used to unlock banking apps and doors.

Doomsayers conveniently forget that the business case for introducing debit cards was one of cost avoidance for the banks, not revenue.

WICHITA, Kan. – The FDIC asked a federal appeals court here Friday to overturn a lower court ruling dismissing $550 million of securities claims by NCUA against Barclays Capital, as the ruling could jeopardize billions of dollars in claims the banking regulator itself has against numerous Wall Street banks.

Australia's ANZ Group is launching a smartphone app called ANZ Transactive Mobile that it says helps streamline cash management for corporate customers.

Douglas Manditch, chairman and chief executive at Empire National Bank, believes community banks are being squeezed by "overzealous" regulation and are feeling pressure to sell.

Black Hills Federal Credit Union announced enhancements to its digital banking services made possible through the use of technology from Fiserv.

The insurer Genworth Financial has completed the $412.5 million sale of its wealth management operations.

Banks can still use properly tailored arbitration provisions to cut off class actions. Provisions should be explicit; silence is not a bank's friend when it comes to arbitration agreements.

Independent Bank in Ionia, Mich., has exited the Troubled Asset Relief Program.

A judge has approved Anchor Bancorp Wisconsin's plan to file for bankruptcy.

ALEXANDRIA, Va. – Pentagon FCU announced this morning it has signed a deal to link to 167 ATMs located in Rite Aid stores in Maryland, Virginia and greater Washington D.C., part of a broader ATM co-branding strategy.

ALEXANDRIA, Va. – NCUA filed suit in Federal District Court in Kansas against Morgan Stanley & Co., Inc. and other firms, alleging violations of federal and state securities laws in the sale of more than $566 million in mortgage-backed securities to U.S. Central and WesCorp.

The same week Miley Cyrus was causing a stir at the MTV Video Music Awards, some Vegas locals were complaining about a word they did not even hear or see. So forgive Greg Barnes for thinking critics of One Nevada Credit Union's new marketing campaign are chasing the wrong target.

Catalyst Corporate FCU has emerged from the corporate crisis with a cleaner bill of health and a restructured balance sheet, and it is member relations that have been one of the keys to survival of the institution.

When it agreed to be sold to Stifel last year, KBW was painted as a victim of weak bank M&A and the transformation of investment banking. Things are looking up now as the combined company ranked as the top advisor in four of six U.S. regions at midyear.

Royal Bank of Canada said Chairman David O'Brien plans to step down at yearend, and that director Kathleen Taylor will succeed him. The Toronto bank also said that Mark Hughes will succeed Chief Risk Officer Morten Friis when Friis retires on Jan. 10.

Student and auto lending surged in the 12-month period ended in July, according to an Equifax report released Thursday.

Everett Stern, who worked at HSBC Bank USA for two years, has given federal authorities emails and other documents that, he says, show HSBC committed anti-laundering violations beyond those covered by its $1.9 billion settlement. He has urged them to open a new investigation.

Total domestic deposit balances at institutions insured by the Federal Deposit Insurance Corp. fell by $31 billion, or 0.3%, in the second quarter, according to analysis from Market Rates Insight.