Banking

The banking unit of FS Bancorp (FSBW) in Mountlake Terrace, Wash., has promoted two executives in an effort to strengthen oversight of credit operations.

While some may suggest the practice is warranted so agency attorneys can address deficiencies hurting consumers, ultimately everyone loses when opportunities for frank discussion are lost.

With more plastic in circulation than any other payment network — 2.9 billion cards, or 45 percent of the world’s total last year — UnionPay is now accepted in 135 countries. Its rise is causing friction as the firm grabs market share from Visa Inc. as well as MasterCard Inc., which UnionPay surpassed in customer spending in the first half of the year.

Its website apparently hit with a distributed denial of service attack, the bank has taken to Twitter and Facebook to keep customers informed.

The $352 billion-asset company said late Tuesday it has named John Elmore and Kent Stone to succeed Richard Hartnack, vice chairman of consumer and small business banking, when Hartnack retires in March.

Two community banks have repaid the Troubled Asset Relief Program.

Prosperity Bancshares in Houston sees Oklahoma as a nearby, familiar market with ample growth room and pledges more acquisitions after its $194 million deal for Coppermark Bancshares in Oklahoma City.

The Federal Reserve Board has terminated enforcement actions against Community Bankers Trust (BTC) in Glen Allen, Va., and Northwestern Bank in Chippewa Falls, Wis.

HSBC's record-setting $1.92 billion penalty for a slew of anti-money laundering problems surprised many in the financial industry, who warned it could set a new precedent for targeting other institutions.

A bank's decision to balk at paying dividends to a private investor that bought its Troubled Asset Relief Program shares may reduce investor interest in future such offerings and make it harder for the government to make a decent return.

The chief executives of two New York banks will serve on a panel charged with recommending changes to the state's tax code.

Apple introduced its Passbook app — a wallet that stores other mobile wallets — alongside the iPhone 5 in September. Three months later, has Passbook revolutionized mobile payments? Or is it starving from lack of support? (Image: Bloomberg News)

Regulators need to create an environment where firms are not afraid to speak out. Banks need to come up with clearer explanations of their business models to prevent the creation of unnecessary rules.

Heritage Bank of Commerce in San Jose, Calif., has lured a veteran small-business banker.

Home Depot Inc. and other retailers lost their bid to appeal a judge’s preliminary approval of Visa Inc. and MasterCard Inc.’s proposed $7.25 billion settlement of a merchant fee price-fixing case.

Astoria Financial (AF) could be a likely takeover target because of its recent emphasis on multifamily lending and a stock that is trading at a discount.

Wells Fargo CTO Joseph Kissel moving to Florida bank.

Monitise also hopes a new round of investment will help build out its mobile money strategy.

MasterCard is confident that the proposed $7.25 billion settlement of allegations that it and Visa engaged in merchant fee price fixing will receive final approval, according to Nomura analysts who recent met with key executives of the card network.

A new lawsuit alleges that Wells improperly denied applications for modifications of so-called Pick-a-Payment loans. The San Francisco bank is contesting the allegations.