Banking

A federal judge is set to rule soon on whether merchantsobject.com is misleading U.S. retailers. The ruling carries important implications for the proposed multibillion-dollar settlement over credit card interchange fees.

WICHITA, Kan. — A federal judge here yesterday dismissed the majority of $590 million of securities claims brought by NCUA against Credit Suisse Securities in the 2009 collapses of U.S. Central FCU and WesCorp, dealing the credit union regulator another defeat in its efforts to recoup losses for the biggest credit union failures ever.

First Farmers Financial in Converse, Ind., has agreed to buy most of Bank of Indiana.

A securities law firm has filed a class-action suit to halt Renasant's acquisition of First M&F Corp.

MoneyGram and First National Bank have launched their first mobile money transfer service in Africa, enabling FNB account holders to send and receive international transfers via mobile devices.

WICHITA, Kan. – A federal judge here yesterday dismissed the majority of $590 million of securities claims brought by NCUA against Credit Suisse Securities in the 2009 collapses of U.S. Central FCU and WesCorp, dealing the credit union regulator another defeat in its efforts to recoup losses for the biggest credit union failures ever.

As the Merchant Customer Exchange asserts its position in the mobile wallet market, it emphasizes that the path to a consumer’s physical wallet runs through retailers.

EMV smart-card migration preparations in the U.S. will take on a more serious tone when the responsibility of covering fraud losses begins to shift.

More than half of the 4 million borrowers affected by the settlement will receive just $300, while three-quarters will receive less than $1,000, regulators said Tuesday.

Wells Fargo's (WFC) home-loan unit has sold a portfolio of reverse-mortgage servicing rights to Walter Investment Management (WAC).

Sterling Bancorp; Provident New York Bancorp

Credit unions are picking up auto lending share from the big banks.

Bank of America, Citigroup and JPMorgan Chase all received failing grades on Fannie Mae's test of mortgage servicers based on overall performance, customer service and foreclosure prevention efforts.

Bankers pointed to still-tepid credit demand as lending lost momentum in the first quarter, and worries over deteriorating standards and pricing.

PayPal's long-watched partnership with Discover, which will allow Discover merchants to accept PayPal payments at the point of sale, is on track to launch April 19.

Even though prepaid cards are already widely considered a product for the underbanked, usage patterns are showing more clearly just how different prepaid card users are from bank customers.

Wolters Kluwer Financial Services (WKL) has released a subscription-based version of its system for originating and managing Small Business Administration loans.

David Rom, who helped found the $156 million-asset bank in 2006, stepped down as CEO on April 1, according to a report published Tuesday in the Minneapolis / St. Paul Business Journal. He was replaced by Tom Jacobson, who was the bank's chief operating officer.

What's the most inane complaint your bank has ever received?