Navient, a loan servicing company based in Delaware, will pay $120 million in fines and be prohibited from most of the federal student loan market following a settlement with the Consumer Financial Protection Bureau. Navient will no longer offer servicing services under the Direct Loan program and it was barred from servicing or buying most loans from the Federal Family Education Lending Program. The company agreed to pay the CFPB a

A group represented by veteran banker Allan Landon made an unsolicited bid to buy Territorial Bancorp in Honolulu. The $18.1 billion-asset Hope Bancorp in Los Angeles agreed in April to buy the $2.2 billion-asset Territorial for $78.6 million in a deal that is expected to close by the end of this year. Territorial disclosed in a recent regulatory filing that it has been getting overtures from an investor group represented

Wells Fargo is operating under a formal agreement with the Office of the Comptroller of the Currency that requires the San Francisco company to enhance its anti-money laundering and sanctions risk management practices. The $1.9 trillion-asset Wells disclosed that it will also need to obtain OCC acceptance of its program. The company must give the OCC notice before expanding certain related offerings. Wells has about two months to submit a

Fieldpoint Private Bank & Trust agreed to a written agreement with regulators that requires the Greenwich, Conn., bank to improve in areas such as funding, liquidity, budgeting and strategic planning. The $1.4 billion-asset bank, under the agreement with the Federal Reserve Bank of New York and the Connecticut Department of Banking, agreed to add and maintain "sufficient" capital. It must also obtain regulatory approval before buying back stock and declaring

Capitol National Bank in Lansing, Mich., has a new president. The $192.5 million-asset bank said in a press release that Joseph Campbell now has the role. Campbell, who joined the bank in 2020 as vice president of commercial lending, succeeded the retiring Ed Harden. Campbell “is a natural to fill this role,” Cristin Reid, the bank’s chairman and CEO, said in the release. “He understands relationship banking and is a

TD Bank was ordered by the Consumer Financial Protection Bureau to pay $28 million for sharing inaccurate customer data with credit reporting agencies. The CFPB also cited the Canadian bank for failing to investigate customer disputes, a move that could have impacted their ability to access credit. The amount includes about $7.8 million in redress to “tens of thousands of consumers affected by its unlawful behavior” and a $20 million

Warsaw Federal Savings & Loan in Cincinnati raised $5 million as part of a plan to become a minority depository institution. The $105 million-asset mutual said in a press release that it sold 8% non-cumulative additional Tier 1 capital instruments to investors. Warsaw Federal plans to use the net proceeds to provide “focused financial services, tools and education to promote economic opportunity and financial equity.” "The new capital will provide support

MountainSeed Real Estate Services entered into a sale-leaseback transaction with 1st Federal Savings Bank of SC in Walterboro. The $164 million-asset 1st Federal sold properties that included its headquarters to MountainSeed for an undisclosed amount. The bank will lease the properties for an initial 15-year term with an option for another 15 years. “We are excited and thankful for the opportunity to partner with 1st Federal Savings Bank of SC,”