Toyota Motor Credit Corp. will change its pricing and compensation system to reduce dealer discretion and financial incentives to mark up interest rates, under an enforcement action by the Consumer Financial Protection Bureau and Department of Justice.

WASHINGTON — The Federal Deposit Insurance Corp. is urging banks to perform due diligence and identify potential risks before conducting business with marketplace lenders.

The CFPB notched another victory in its effort to limit dealer discretion after Toyota Motor Credit Corp. agreed to cut in half how much partnering dealerships can mark up the interest rate on a loan as compensation.

CEO Jeffrey Brown spent much of the firm's quarterly earnings call Tuesday responding to the demands of shareholders who are unhappy with Ally's weak stock price.

Cross-border payments, even small ones, take days to clear, cost 5% to 10% of the payment amount, and can be baffling to the consumer. Zenbanx, TransferWise and Ripple and other startups are trying to change this.

Salisbury Bancorp in Lakeville, Conn., has named James Cotter the chief operating officer of Salisbury Bank & Trust.

Trade groups for both industries put aside differences to seek congressional signatures on a letter urging FASB to reconsider its controversial proposal requiring early-stage loan-loss provisioning.

First Choice Bank in Cerritos, Calif., has promoted Nicole Swain to the newly created position of chief banking officer.

Russian billionaire Oleg Boyko’s private- equity company bought a stake in Germany’s Spotcap as the online lender backed by Rocket Internet SE secured its biggest financing to date.

Lawmakers in Connecticut want to curb deceptive and abusive collection tactics being used by banks and third-party collectors but details on how to proceed were sparse.

Victoria’s Secret faces a class-action lawsuit over allegations that the retailer violated the Telephone Consumer Protection Act by sending a customer 97 text messages in a single day.

Lenders argue that the GSEs would be better off buying more loans that are already insured, rather than transferring credit risk after holding them for a time. But Freddie Mac's Kevin Palmer says certainty of reimbursement is more important than the timing of risk transfers.

A Federal Reserve task force has issued criteria for its faster payments initiative, part of a long journey to build a framework to securely and efficiently accommodate the near-real-time processing for digital commerce.

Goldman Sachs Group Inc. and IBM are the latest firms to invest in Digital Asset Holdings, the startup led by former JPMorgan Chase & Co. banker Blythe Masters that aims to adapt blockchain technology to financial markets.

The near future may find more banks ceasing to originate residential mortgages in an effort to stop the slide in stock prices.

First-mortgage originations for subprime borrowers showed steady growth last year from January to October, with more than 312,000 new mortgages originated, totaling $50.7 billion, according to data from the latest Equifax National Consumer Credit Trends Report.

The largest institutions moved to the top of J.D. Power's rankings, thanks largely to the popularity of their digital offerings and high scores among young adults.

Lawrence Seidman, an activist investor in New Jersey, wrote in a regulatory filing that he plans to withhold support for all three of Malvern Bancorp's directors who are up for reelection this year.

Bank of America has nearly three dozen patents pending related to blockchains. More banks are expected to seek patents as the technology associated with cryptocurrencies creeps closer to widespread use.

Washington Attorney General Bob Ferguson has requested legislation that would create a program allowing Washington drivers to set up payment plans to pay traffic-based fines. The program aims to reduce the number of people in the state with suspended driver’s licenses, lower court costs and boost local revenue.