Somali-Americans who send cash home to their relatives can breathe a bit easier following the decision by Merchants Bank of California.

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Citigroup CEO Michael Corbat (Bloomberg News)
Citigroup CEO Michael Corbat reflected with Warburg Pincus CEO Joseph Landy and Paulson & Co. CEO John Paulson on the growth paradigm of tomorrow’s financial markets, the role of shadow banking within it and how the world for megabanks has become permanently smaller.

Community banks in the region are getting better, but the hunt for short-term income could bite them down the road, the Office of the Comptroller of the Currency said in its quarterly report.

By hiring former American Express executive Dan Schulman to lead an independent PayPal, the company is betting that his expertise — bringing innovation to a well-established international payments company — can ensure PayPal's survival.

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It's becoming easier for Americans with low credit scores to get a credit card, according to a new report. The industry contracted sharply during the recession.

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Banks will listen carefully to what regulators say next about virtual currency in the U.S., but in the meantime many financial institutions view Bitcoin as far too risky to touch.

Community banks and credit unions have filed class actions against Home Depot and Target, using untested legal arguments to claim the retailers should pay banks’ expenses tied to recent data breaches. There is very little legal precedent here, and hundreds of millions of dollars could hinge on the court rulings in these cases.

Cathy Bessant, the global technology chief for Bank of America, will always remember the scholarship from a wealthy philanthropist that was one of the big breaks in her life. It is part of the reason she thinks bankers must have a sense of duty to the community.

Image: Bloomberg News
Banks, credit unions, payday lenders and installment lenders are likely to feel the impact of restrictions on loans to members of the military that the Defense Department has proposed.
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Credit cards and installment loans that are sold to active-duty military members would be subject to a series of consumer protections under the new Defense Department proposal. High-cost lenders easily evaded the earlier rules, which applied more narrowly.

Tory Nixon played defense for San Francisco's famed NFL team in some of its glory years, but now he's on offense, seeking to build out commercial lending and retail operations in Northern California for California Bank & Trust.

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