January 16 – rateGenius, offering vehicle loan refinancing, has spun off its software subsidiary, FinanceGenius, as an independent company. The separation was effective December 1, 2016. FinanceGenius is a Financial Technology (FinTech) company that provides a cloud-based loan origination system and associated mobility software that is used by credit unions and community banks.
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October 10 – NACHA —The Electronic Payments Association, the trustee and rule maker of the ACH Network, has recognized the work that the North American Banking Company and the Independent Community Bankers of America have done to create efficient, innovative services for financial institutions and their customers across the country. NACHA has long advocated for and supported innovation on the ACH Network that leverages the value of the Network’s ubiquity and reach. The “All Payments App” that the North American Banking Company and the Independent Community Bankers of America revealed as part of the Federal Reserve Faster Payments Task Force proposal process demonstrates how innovation continues on the ACH Network.
April 27 – Regions Financial Corporation has announced the release of the company’s annual Social Responsibility Report. The report, titled “Doing More,” illustrates how Regions carried out its commitment to serving communities and customers throughout 2014. Beyond providing everyday banking services, Regions actively seeks and supports programs and organizations that share Regions’ goal of making life better in the communities we call home. “Doing More” highlights several examples of initiatives supported by Regions in order to make a positive impact.
April 2 – Cleveland private equity firm CapitalWorks, LLC, announced it has acquired majority ownership of privately-held banking technology services provider Bancsource, Inc. based in Republic, Mo. Bancsource provides maintenance services and sales of cash cycle equipment including ATMs, smart safes, scanners and other equipment for financial institutions and retailers nationwide. (more…)
April 25 – New York Attorney General Eric T. Schneiderman has announced a $7.5 million settlement with Bank of America Corporation’s former Chief Financial Officer, Joe L. Price, regarding the bank’s actions as it sought in 2008 to merge with Merrill Lynch & Co. Despite its top executives’ specific knowledge of mounting losses at Merrill Lynch that were forecast at more than $9 billion, Bank of America failed to disclose that information to shareholders prior to their vote on the proposed merger. The Attorney General also alleged that the bank’s former CEO, Kenneth D. Lewis, and Price misrepresented to shareholders the impact that the merger with Merrill would have on Bank of America’s future earnings.
Dec 12 – Ten leading PIN debit networks in the United States have formed a new company, Debit Network Alliance, to provide a structure for the governance, deployment and implementation of the EMV debit standard. The goal of this collaborative effort is to help facilitate the adoption of an interoperable EMV standard for debit payments in the U.S. through a common governance structure that fosters regulatory compliance, equal access and ability to innovate for all debit networks, routing choice for merchants and portability for issuers.
Oct 16 – Sageworks, a financial information company that provides risk management solutions to banks and credit unions, has announced that it will make its database of industry statistics on privately held companies available for free to all banking professionals in the United States.
July 22 – Wilbur-Ellis Company, a leader in crop production technology and the distribution and marketing of plant protection, seed and nutritional products, has acquired the assets of Blue River Ag Supply LLC, located in Edgerton, Wis. The company also acquired the assets of G & G Spray Service Inc., as part of the purchase. The location services customers spanning from Southern Wisconsin to Northern Illinois and will now be part of the Wilbur-Ellis Great Lakes operations.
May 21 – Premium Standard Farms LLC, a unit of Smithfield Foods Inc. (NYSE: SFD) hog production subsidiary, Murphy-Brown LLC, has changed its name to Murphy-Brown of Missouri LLC, effective immediately.
April 4 – The Federal Reserve Board has announced approval of a final rule that establishes the requirements for determining when a company is “predominantly engaged in financial activities.” The requirements will be used by the Financial Stability Oversight Council when it considers the potential designation of a nonbank financial company for consolidated supervision by the Federal Reserve.