Retail & Commercial

WASHINGTON — The Federal Deposit Insurance Corp. is urging banks to perform due diligence and identify potential risks before conducting business with marketplace lenders.

The CFPB notched another victory in its effort to limit dealer discretion after Toyota Motor Credit Corp. agreed to cut in half how much partnering dealerships can mark up the interest rate on a loan as compensation.

CEO Jeffrey Brown spent much of the firm's quarterly earnings call Tuesday responding to the demands of shareholders who are unhappy with Ally's weak stock price.

Cross-border payments, even small ones, take days to clear, cost 5% to 10% of the payment amount, and can be baffling to the consumer. Zenbanx, TransferWise and Ripple and other startups are trying to change this.

Salisbury Bancorp in Lakeville, Conn., has named James Cotter the chief operating officer of Salisbury Bank & Trust.

Trade groups for both industries put aside differences to seek congressional signatures on a letter urging FASB to reconsider its controversial proposal requiring early-stage loan-loss provisioning.

First Choice Bank in Cerritos, Calif., has promoted Nicole Swain to the newly created position of chief banking officer.

Russian billionaire Oleg Boyko’s private- equity company bought a stake in Germany’s Spotcap as the online lender backed by Rocket Internet SE secured its biggest financing to date.

Lawmakers in Connecticut want to curb deceptive and abusive collection tactics being used by banks and third-party collectors but details on how to proceed were sparse.

Victoria’s Secret faces a class-action lawsuit over allegations that the retailer violated the Telephone Consumer Protection Act by sending a customer 97 text messages in a single day.