The New York Times Magazine is exploring the business of buying and collecting debt in a lengthy feature article looking at two companies and the collection professionals behind them.

Citizens Financial Group, the U.S. subsidiary of Royal Bank of Scotland, plans to hire more than 550 people for its consumer business as it prepares for an initial public offering this year.

The Providence, R.I., company is set to be spun off from its foreign parent, and executives are embracing the opportunity to simplify their products, expand lending and overhaul their customer experience.

Braintree a payment technology business owned by eBay, is reportedly looking at accepting the popular and controversial digital currency, Bitcoin, as a form of payment.

A temporary waiver allowing victims of Hurricane Sandy to finance foundation repairs and elevate their homes with 203(k) mortgages should be made permanent to help lessen the burden of flood insurance requirements, say real estate and flood hazard groups.

New York Attorney General Eric Schneiderman has settled with debt collector Forster & Garbus regarding the firm's collection of payday loans.

Costs associated with its recent acquisition pushed Cascade Bancorp, in Bend, Ore., into the red in the second quarter.

U.S. consumer debt dropped in the last quarter for the first time in a year as mortgage originations fell to the lowest mark since 2000, according to the Federal Reserve Bank of New York's latest quarterly report.

Forster & Garbus, a Commack, N.Y.-based collection law firm, agreed Friday to settle charges that it illegally sued to collect on payday loans from New Yorkers.

Sun Bancorp in Mount Laurel, N.J., plans to raise approximately $20 million to fund its recent restructuring.

Supervalu Inc. said customers' payment-card details may have been stolen as the U.S. grocery chain with more than 3,300 stores became the latest to fall victim to hackers.

Doral Financial, the Puerto Rico bank that hasn't posted an annual profit for almost a decade, fell as much as 4.7% after disclosing it received a subpoena from the Securities and Exchange Commission.

U.S. foreclosure activity increased in July for the first time in four months as lenders scheduled more properties for auction, according to RealtyTrac, which compiles housing market data.

Beneficial Mutual Bancorp in Philadelphia, which dates back to 1853, is the latest old-school mutual thrift to announce plans for a second-step conversion to a fully public stockholder company.

C1 Financial, a $1.4 billion-asset company in St. Petersburg, Fla., raised $45 million today from its initial public offering.

Chicago Federal Home Loan Bank has received regulatory OK to start pilots for its jumbo and government loan conduits.

Clayton Deutsch has spent the last several years streamlining Boston Private's past acquisitions in an effort to improve the company's profitability. With most of the cuts in place, the company is now eyeing acquisitions like the one it announced last month for Banyan Partners, a Florida investment adviser.

Subprime auto originations have nearly doubled in recent years, which has led to warnings of a bubble. But the fears are overstated, especially for banks, which have made fewer loans to borrowers with the lowest credit scores, four New York Fed economists said.

While Fannie Mae should have a smooth transition to a new system, Freddie Mac might find the path more treacherous.

As banks flee the deposit advance business, startups are offering services that let consumers name their payday and collect what they have earned up to that point, regardless of the day of the week.