Banking

Rep Jeb Hensarling, chairman of the House Financial Services Committee, said the panel will not accept testimony from CFPB Director Richard Cordray on the agency's semi-annual report, arguing that he was not legally appointed to the position.

Zions Bancorp. (ZION) more than tripled quarterly profits as it recorded a credit for its loan-loss provision and lowered its interest expenses.

The Consumer Financial Protection Bureau announced Monday that it was restructuring the agency to add an office that will directly deal with financial institutions and their trade groups.

Generations Bank in Seneca Falls, N.Y., plans to begin moving its critical banking applications to Compushare's C3 Cloud Computing platform.

Navy Federal Credit Union, the largest such institution in the U.S., is unlikely to be designated systemically important, according to a member of the Financial Stability Oversight Council.

The U.S. unit of the Spanish bank Banco Bilbao Vizcaya Argentaria kicked off a partnership with Christie's auction house by inviting private-bank customers to a special art exhibit in Dallas.

LOS ANGELES – Standard & Poor’s called on a federal court here yesterday to dismiss a $5 billion civil suit brought by the U.S. Justice Department claiming the Wall Street rating agency ignored its own standards rating risky investments sold to, among others, WesCorp FCU and Eastern Financial Florida CU, two of the biggest credit union failures ever.

First Scottsdale Bank had $80 million in assets, but then it agreed to buy a $224 million-asset competitor and outbid five others to acquire a $45 million-asset bank from the FDIC.

HOUSTON, Texas — Texas Dow Employees CU quadrupled the size of its branch inside the Marathon Oil Tower, part of a major renovation to the landmark building.

Dozens of community banks have reported quarterly results. Here's what we've learned so far.

Wells Fargo (WFC) is expanding its home-lending headquarters in Iowa as it plans for growth even while the industry predicts a slowing market.

Several community banks are taking a serious look at building eco-friendly branches — not just to be "green," but to save some green, too.

Amalgamated, a New York bank that manages assets for hundreds of pension plans, has secured a $139 million settlement from News Corporation in a suit it filed against the media giant on behalf of its clients.

Privacy in electronic payments is critical does not entail anonymity, argues Dave Birch of Consult Hyperion. Encryption technologies can protect privacy while allowing authorities to trace stolen digital money in break-the-glass situations, he maintains.

Equity Bancshares in Wichita, Kan., may use the Troubled Asset Relief Program to buy a stake in Blue Valley Ban Corp, an in-state rival.

Processing payments is a costly activity for banks, one that nonbank businesses, such as telecommunications operators and retailers may be able to handle more nimbly and efficiently, says Dave Birch of Consult Hyperion. Rather than threats, banks should view these more lightly regulated outsiders as potential partners.

After lobbying efforts on Capitol Hill failed, banks that rely heavily on deposits from Latin America are going to court to halt new regulation that requires them to report to interest paid to nonresidents.

There's a lot payment companies can lean from downfall of the Pony Express, according to Brett King, founder of the financial services startup of Moven.

The National Credit Union Administration has certified last month's member vote at HarborOne Credit Union in Brockton, Mass., to convert to a mutual savings bank.

The recent public fascination with the digital currency Bitcoin taps into a latent frustration with the current inadequate banking and payments system, says Dave Birch of Consult Hyperion. While Bitcoin itself may not be the wave of the future, it shows how the next generation of payments technologies will work and bears watching by bankers.