Banking

A crime ring based in New Jersey created thousands of fake identities to obtain 25,000 credit cards and steal more than $200 million in one of the largest scams of its type, the Justice Department said.

Capital Bank Financial (CBF) in Miami said its board had authorized the repurchase of up to $50 million of its common stock, which could take place through open-market or through private transactions.

Regulators seem obsessed with preventing false negatives: loans that pass underwriting and then default. They should consider the costs of false positives, i.e., restricting loans that probably would perform fine.

A café chain in northern New England is telling its customers that hackers may have breached the company’s payments system. The Works Bakery Café is a small target but its experience is indicative of a bigger trend in data security.

The Europay, MasterCard and Visa (EMV) and Single Euro Payments Area (SEPA) standards don't appear to have a lot in common, but there is one alarming similarity — the tortoise-like pace of migration which threatens deadlines for both.

The U.S. government has padded its return on aid to Citigroup (NYSE:C) during the financial crisis.

Outsourcing clients, bill pay growth supporting growth that's expected to continue modestly into 2013.

A unit of United Community Financial (UCFC) in Youngstown, Ohio, has been freed from an enforcement action with the Federal Deposit Insurance Corp. and the Ohio Division of Financial Institutions.

Don't try this at home — thieves glean identity and account information off websites, then impersonate their victims over the phone and in person.

A Chicago private-equity firm has acquired a mortgage company from a struggling Milwaukee bank.

Banks have nearly picked the last of the low-hanging earnings fruit.

A family trust set up by CVB Financial (CVBF) co-founder George Borba is considering selling up to 2 million shares for tax and estate planning purposes.

Forcht Bank in Lexington, Ky., is set to open its first in-store branch. The $950 million-asset bank has an agreement to open a branch inside a Kroger grocery store in Louisville, Ky., the Business First Journal reported in its online edition Tuesday.

New research by Varolii Corp. shows that about two out of three consumers want their banks to alert them when they have low balances or insufficient funds to pay bills.

A recent court ruling has put CFPB Director Richard Cordray’s job in jeopardy. But who should run the bureau if he has to step down?

Bank of Virginia (BOVA) in Midlothian, Va., will invest in Stonegate Mortgage’s residential mortgage-loan participation program.

Michael Dell and Silver Lake are buying back the company for $24.4 billion.

Payments processor Elavon is expanding its distribution network in Canada with a deal to acquire Toronto-based Collective Point of Sale Solutions.

KeyCorp (KEY) in Cleveland has hired a Bank of America (BAC) veteran as its chief human resources officer.

The nation's biggest asset manager now owns roughly 6% of the outstanding stock in UMB, the companies disclosed in Tuesday filings with the Securities and Exchange Commission.