Americas

PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.

The payments industry is getting pulled in two directions, as technology and e-commerce promise a borderless future for transactions while political forces apply the brakes.

Kevin Stein, who runs a private equity firm, has also supervised banking groups at Barclays and FBR Capital Markets.

After a year of trying to appease U.S. regulators, Ant Financial and MoneyGram have terminated their merger agreement, challenging the Chinese company's strategy for global expansion.

CSCU will continue as a separate, card-processing entity.

Doug Bowers contends that last year’s leadership shake-up, job cuts and corporate governance overhaul will make the company more competitive in its home state.

The assessment from the central bank means MidSouth faces restrictions on board appointments and executive duties. Last year the OCC called the Louisiana company a "troubled institution."

Acquirers announced deals in California, Missouri and Pennsylvania on the last business day of 2017, raising the year's final tally to 245 transactions.

Some of the most important work in payments happens before the transaction, when retailers have to make sure their devices can handle the new technologies and card types that are about to get thrust upon them.

Carter Bank & Trust’s founder shunned internet banking and handled most executive duties himself. He died in April and his successor, Litz Van Dyke, is now working at breakneck speed to modernize this once-hidebound Virginia bank.