Merchant

Utah-based SecurityNational Mortgage Co. has agreed to a monetary settlement of a claim by Bank of America that it sold the Charlotte, N.C.-based lender defective mortgage loans.

The Colorado Attorney General's office reports that more than 165,000 state residents owed $56 million to payday lenders at the end of 2013 and the number of people taking out such loans is rising, according to an annual report.

The processor Total System Services has named Tom Boyer as president of its direct acquiring business.

Though Amazon.com's Fire Phone sputtered out as soon as it launched, the company has built a solid foundation in mobile payments that will fuel its next big moves in 2015.

Say goodbye to the Merchant Warehouse and hello to the new Cayan, as the Boston-based independent sales organization and technology provider changes its branding to fit the changes it has made to its business model.

National Credit Adjusters LLC, a payday loan company recently targeted in a Pennsylvania enforcement action, agreed Monday to pay nearly $1 million in restitution to New York City residents and stop collecting debts in the city.

Small business borrowers owing money to the Boston Redevelopment Authority's small-business lending arm did not receive regular collection letters even as hundreds of thousands of dollars in taxpayer-financed loans went unpaid, an audit by a federal agency revealed.

Many observers agree that one of the most significant rulemakings slated for this year from the Consumer Financial Protection Bureau will be on debt collection. Depending on how it structures its proposal, the plan could capture a broad range of companies that have a hand in the credit reporting system.

Credit Karma, a credit management website, last week started offering on-demand access to credit reports from Equifax. It's the second credit report Credit Karma users can view as much as they like.

The CFPB made an announcement in October that caused many consumer advocates to cheer and many bankers to scratch their heads. In short, it's ready to address the decades-old consumer complaint of being rejected for a checking account based on information that they believe is irrelevant, inaccurate or inconvenient.