The Latest

American International Group announced $3.6 billion in new costs to fill a reserve shortfall and said it will hold an initial public offering for its mortgage insurer and sell an adviser network as Chief Executive Peter Hancock seeks to boost returns and protect his job after criticism from activist investor Carl Icahn.

Cheryl Vickers, who served for years as VP of accounting for Houston Police Federal Credit Union, was convicted of embezzlement that occurred for approximately 18 years.

Chemical Financial in Midland, Mich., has agreed to buy Talmer Bancorp in Troy, Mich.

A federal appeals court will hear the case of mortgage lender PHH Corp. v. CFPB on April 12, a case the collection industry will be closely watching.

A JPMorgan Chase unit has reached an agreement to pay $1.42 billion to resolve claims it took advantage of its status as Lehman Brothers Holdings' primary lender to unfairly extract cash and position itself ahead of other creditors in Lehman's bankruptcy.

Huntington Bancshares in Columbus, Ohio, has agreed to buy FirstMerit in Akron, Ohio.

Consumers may not care much about mobile payments, but many of them care a lot about mobile loyalty.

Vending machines were among the first categories to accept contactless mobile payments, but they still rely heavily on cash for impulse snack purchases — at least for now.

The payments landscape was on the rise in in the past year with the launch and adoption of several new virtual wallets.

Steve Streit, who founded the prepaid card pioneer in 1999, is taking fire from an investment firm that owns 6.2% of the company.