Two years on from a federal report recommending the creation of a resolution fund to guard against disorderly bankruptcies, concentration among nonbank mortgage companies has only increased. Congress must take action to avoid a crisis.

A group of Senate Democratic lawmakers warn proposed rule change would handcuff regulators from stopping risky bank behavior before it causes financial harm.

CEO Max Levchin said the lender is testing technology that allows merchants to perform more advanced testing of promotional financing offers.

Unlike some of its expansion-minded regional bank peers, Montana-based First Interstate is reconfiguring its business model to be smaller and more focused on relationship banking. The blueprint is the work of CEO Jim Reuter, who joined the bank 15 months ago.

Renat Abramov, a former relationship manager in Brooklyn, bypassed know-your-customer protocols to open accounts for shell companies involved in a $14.6 billion scheme.

The technology excels at spotting money laundering and suspicious transactions, but it still can't be trusted to help bank customers make big decisions, such as what to do with retirement savings.

The bureau announced the creation of the Global Financial Innovation Network for regulators to discuss joint policy work and offer a cross-border product testing process.