Wal-Mart's new "Walmart-2-Walmart" transfer service will enable consumers to send money to each other by using the retail chain's store network.

Breaking News

Federal Reserve Chairman Janet Yellen (Bloomberg News)
In the old days the Fed's monetary policy and bank supervision were separate sides of the house. But its postcrisis capital rules for banks are blurring those boundaries.
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Bank of America CEO Brian Moynihan (Bloomberg News)
B of A caught observers off guard by announcing $6 billion in mortgage litigation expenses, but the move is an attempt to convince analysts and investors that there is an end in sight to its crisis-era legal woes. It just might work.

The moves are part of a recent trend of banks exiting businesses that they believe have fallen out of favor with regulators.
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David Stevens, president and CEO of the Mortgage Bankers Association
As drafted, the Johnson-Crapo bill would allow big banks to originate, aggregate, and guarantee mortgages. Small lenders worry such vertically integrated companies could price them out of the business.

U.S. Bancorp CEO Richard Davis (Bloomberg News)
Executives at U.S. Bancorp, PNC and Huntington all sounded cautiously optimistic about lending opportunities and each has a favorite region when it comes to finding borrowers.

The Obama administration is urging activists like the National Council of La Raza to support legislation to overhaul the housing finance market, ahead of a Senate Banking Committee vote scheduled for late April.

Paul Cummings, regional managing director for Wells Fargo subsidiary Abbot Downing
The wealth management units of Wells Fargo and Bank of the West are looking to expand their asset-management businesses by entering the lucrative — and competitive — New York market. Both banks are opening new offices in Manhattan this year.

Ted Tozer, president of Ginnie Mae (Bloomberg News)
Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because of missing documents. The agency is asking the top servicers for an inventory of loans with missing documents.

The federal push to stamp out illegal online lending is having unintended negative consequences, an umbrella group for state banking regulators says.

M&T CEO Robert Wilmers (Image: Michael Chu)
Robert Wilmers, chairman and CEO of M&T Bank, told shareholders at its annual meeting that times are tough for banking and that the continued delay of its Hudson City deal, and associated high costs, are disappointing. But he insisted that the deal is still worth doing.

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