The former chief executive and chairman of Bank of the Commonwealth in Norfolk, Va., has been sentenced to 23 years in federal prison for spearheading a fraud scheme that led to the failure of the bank.

Bank of America Corp. is negotiating with the Consumer Financial Protection Bureau to settle allegations it deceived customers in the sales of credit-card add-on products.

George Pelose will step down during the first quarte, the $673 million-asset company said Wednesday.

The debt collection industry is gearing up for a major shake-up as the Consumer Financial Protection Bureau looks to revamp rules that will likely cover every player in the market, from first-person creditors down to the buyers of others' debts.

Flagstar Bancorp (FBC) in Troy, Mich., has agreed to pay Fannie Mae $93.5 million to resolve repurchase claims on mortgages it sold to Fannie that later soured.

PwC Banking & Capital Markets Advisory Co-Leader, Dave Hoffman, explains how financial institutions can best serve the mass affluent market.

Middle-market and corporate chief financial officers are approaching risk management with a fresh bounce in their step, according to a new survey from TD Bank.

The agency has set up a database in which borrowers can file complaints about excessive fees, incorrect charges or other problems with payday loans, the CFPB announced Wednesday.

Capital Funding Group in Baltimore is selling its CFG bank unit after four years of ownership to concentrate on the less-regulated field of health-care financing. It joins a wave of firms that are streamlining themselves in the face of Basel III and other regulations.

Wells Fargo & Co. (WFC) is among firms facing federal scrutiny of mortgage-backed securities sales under a 1989 law that the government is using to extend probes of banks' roles in the credit crisis.

Big, flashy rewards are often too broad, too niche, or too complicated for consumers. Banks should follow Capital One's lead and switch to more straightforward (and sustainable) rewards programs.

VantageSouth Bancshares (VSB) in Raleigh, N.C., and Yadkin Financial (YDKN) in Elkin, N.C., are reportedly discussing a merger.

Institutions that cater to military families and veterans are spending more on ads as they angle to take more business away from commercial banks.

More than a quarter of House lawmakers are asking the Consumer Financial Protection Bureau to delay implementation of its "qualified mortgage" rule, arguing that many smaller institutions are not going to be ready on time.

Consumers want more straightforward credit card loyalty programs that forgo caps on reward points earned, say Capital One's Shane Holdaway and Amy Lenander. The executives discuss how they developed recent product strategies, why Samuel L. Jackson is the perfect spokesman for the Capital One Quicksilver card and what rewards programs will look like five years from now.

First Internet Bancorp (INBK) in Indianapolis is adding asset-based lending to its commercial offerings.

Union First Market Bancshares (UBSH) in Richmond, Va., has expanded its chief executive's role.

A New Jersey town council may vote as early as today on a proposal to settle a U.S. Supreme Court case that has threatened to undercut the Obama administration's crackdown on lending discrimination.

First Busey (BUSE) in Champaign, Ill., has named its next chief financial officer.

Regions Financial received a subpoena from the U.S. Department of Housing and Urban Development tied to the origination of mortgages backed by the Federal Housing Administration.