Merchant

A study commissioned by the Massachusetts Bankers Association found a correlation between a spike in credit unions with low-income designations and an increase in member business lending in the state.

Data through April released by S&P Dow Jones Indices and Experian shows a consumer credit default composite rate of 0.86% in April, down seven basis points from March.

An appeals court panel has questioned whether Sallie Mae and SLM Corp. had actual knowledge of for-profit California Culinary Academy’s alleged scheme to prey on students and whether the lender perpetuated that lie to students.

One in five short-term auto title loan borrowers have their vehicle seized because they cannot pay the loan, according to a study released Wednesday by the Consumer Financial Protection Bureau.

Visa's rules for card acceptance exceed 800 pages — plus supplements — and MasterCard's are nearly 300 pages. But even though the card networks have explained their expectations in painstaking detail, the difference between strict rules and mere guidelines is much blurrier when finally given to the merchant.

With the CFPB flexing its regulatory muscles, it's no surprise that collectors are making compliance a priority.

Synchrony Financial, the credit card lender that was recently spun off from General Electric, is considering an expansion into small-business lending.

Back in 2014, Dekkers Davidson, then CEO of the Merchant Customer Exchange, declared that the mobile wallet venture would draw inspiration from Uber and be just as disruptive to financial services as the popular ride-sharing app was to the taxi industry. But Uber's success stems largely from its decision to make payments invisible, whereas MCX was developing its CurrentC wallet to do just the opposite.

Harmony Bank in Jackson, N.J., has exited the Small Business Lending Fund. The $ 295 million-asset company said in a press release Tuesday that it paid about $3.5 million to redeem roughly 3,500 shares of preferred stock.

MuniServices LLC, a business of debt-buying giant PRA Group, will offer aspiring municipal leaders a chance to learn about strategic financial administration through a new certification program.