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Banking

Job layoffs as mortgage refinance boom slows

A recent spike in interest rates has caused a decline in refinancing activity, a drop-off that has curtailed a two-year refinancing wave that started in 2011 and led to the nation’s largest banks shedding thousands of mortgage jobs.

Bank of George shares sold to repay TARP

Bank of George is one of seven financial institutions nationwide to be included in priced auctions of preferred stock as the U.S. Department of Treasury winds down its remaining Troubled Asset Relief Program bank investments.

Judge strikes down cap on fees that banks charge merchants

WASHINGTON — A federal judge has struck down a rule setting a cap on the fees that banks can charge merchants for handling debit card purchases. He said the Federal Reserve didn’t have the authority to set the limit the way it did in 2011, improperly including data that made the cap too high.