Banking

ALEXANDRIA, Va. – The NCUA Board is expected at next week’s meeting to charge credit unions around $825 million for its fourth annual corporate assessment, bringing the total cost of the corporate credit unions failures to almost $11 billion.

After failing to respond to customer demand and missing tectonic shifts in money transmission and online and mobile payments, banks have an opportunity in the emerging area of cryptographic money.

Fifth Third Bancorp said second-quarter profit rose 58% as lending and fee income grew and the bank posted a gain from selling a stake in Vantiv Inc.

BB&T posted a 7% increase in second-quarter profit on improved performance at its insurance and securities units and lower bad-loan charges.

American Express does not expect the discount rate it charges merchants to fall under the jurisdiction of regulations being considered by the European Union to place caps on interchange fees.

NEEDLES, Calif. – Desert Communities FCU has moved into its new location, an old Bank of America building.

WASHINGTON – A new analysis by Co-Ops for Change asserts that U.S. Central FCU’s losses are likely to be far less than projected.

Customers are putting their cash to work, or at least taking it out of the bank, and bankers like U.S. Bancorp CEO Richard Davis think that could signal higher demand for loans down the road.

With mortgage rates climbing in recent weeks homeowners have switched from feverishly pursuing refinancing to buying new homes, a Federal Reserve Board report said Wednesday.

SLM Corp., the student lender known as Sallie Mae, reported a second-quarter profit of $543 million as private education delinquencies fell.

American Express Co., the biggest credit-card issuer by purchases, posted a second-quarter profit that beat analysts' estimates as customer spending increased.

Higher expenses and an uptick in problem loans weighed down quarterly profits at Community Trust Bancorp (CTBI) in Pikeville, Ky.

Strong gains in asset-management fees and a variety of one-time benefits helped offset a dip in interest income at the Pittsburgh bank. Its CEO says to look for more of the same in the second half of the year — and not to expect it to buy another bank.

Bank of America says it can rebuild its share of the home loan market as rates rise, but its mortgage business relies more on refinancings than at other big banks.

M&T, in Buffalo, N.Y., is still comfortable with its decision to acquire the mortgage lender even though a recent rise in mortgage rates could crimp Hudson City's profits.

Australian startup Pin Payments has acquired billing technology and the global customer base of a U.S. company to continue its push to provide developers with software that handles credit card acceptance online.

Bond Street Holdings in Weston, Fla., has found a backup M&A target after its deal for Atlantic Coast Financial fell through.

Citigroup failed to safeguard the personal information — Social Security numbers, birth dates and other sensitive data — of nearly 150,000 consumers who went into bankruptcy between 2007 and 2011.

LOS ANGELES – A federal judge today rejected claims by Standard & Poor’s that its boasts of its ratings impartiality were nothing more than public relations “puffery” aimed at but not to be relied on by investors like WesCorp FCU and Eastern Financial Florida CU to buy what turned out to be billions of dollars of faulty mortgage-backed securities that led to their failures.

The Senate's confirmation of Richard Cordray as head of the Consumer Financial Protection Bureau ends a long period of uncertainty for the new agency – and for the banks that it regulates. It also effectively ends efforts by Republicans and the industry to change the structure of the CFPB.