Retail & Commercial

United Federal Credit Union's deal to merge with Lake Michigan Credit Union fell through, but it has acquired an executive from its larger rival.

The House Financial Services Committee approved a bill 34-22 Wednesday that would require financial regulators to tailor rules to ensure they are appropriate for small banks — but the measure continues to face significant Democratic opposition.

A consumer group argues in a new report that banks are being too aggressive as they try to persuade their customers to switch to the electronic delivery of monthly statements. Now it's calling for the CFPB to step in.

Prosper Marketplace has tapped USAA executive David Kimball to be its next chief financial officer.

OneMain Holdings is trying to get a better understanding of the subprime business by mixing data analytics and alternative credit scoring.

LAS VEGAS — The Consumer Financial Protection Bureau on Wednesday ordered the online payment processor Dwolla Inc. to pay a $100,000 fine for deceiving customers about its security practices — the first action it has taken related to data security.

Lenders repeatedly reassured skeptics that their credit risks from the energy slump were under control. But more oil and gas companies are filing for bankruptcy, and more of them are said to be drawing down their credit lines — signaling that the worst may be yet to come.

The CFPB took action Wednesday against online payment platform Dwolla for allegedly deceiving consumers about its data security practices and the safety of its online payment system. Dwolla must pay a $100,000 penalty and fix its security practices.

Ocwen Financial in West Palm Beach, Fla., is the target of a second Securities and Exchange Commission investigation into its mortgage servicing practices.

Mergers of equals are hard to complete due to cultural issues, but a spike in consolidation paired with weary leaders and a lack of young talent could make such combinations more appealing.