Merchant

Bank of America plans to lay off 202 employees in a loan servicing unit in Norfolk, Va. because of the ongoing decline in the number of delinquent mortgages, the company said Tuesday.

The Consumer Financial Protection Bureau and the U.S. Department of Education announced Tuesday more than $480 million in forgiveness for borrowers who took out Corinthian College’s high-cost private student loans.

Two defendants who took part in an alleged multi-million dollar telemarketing fraud targeting seniors, a scam that included withdrawing money from their accounts without authorization, agreed Tuesday to settle Federal Trade Commission charges.

WASHINGTON — The acquirer of a for-profit college chain sued by the Consumer Financial Protection Bureau will forgive over $480 million in student debt under a deal announced Tuesday.

Bank of America is poised to exit its student loan portfolio, as banks reduce their red-tape-heavy assets and redeploy cash to create loan growth elsewhere.

U.S. small businesses took out more loans in December, according to a lending study released Tuesday.

Alternative finance marketplace Lending Club has entered into an agreement with the U.S. branch of Alibaba to offer financing to American businesses to buy parts from Chinese manufacturers through the Alibaba marketplace.

There is a lot of confusion in the retail industry around payments and Point-of-Sale (POS).

The rapid pace of mobile point of sale technology and advanced merchant services is pressuring traditional terminal makers to ensure that their devices are not only still relevant, but capable of evolution.

The U.K. is rapidly becoming a target for payment crime, with malware on the rise and the country poised for fraud spikes as crooks abandon EMV-protected terminals to target the more vulnerable e-commerce channel.