Retail & Commercial

The Consumer Financial Protection Bureau's payday loan proposal threatens many money services businesses on the front lines of stopping money-laundering and terrorist financing.

Litigation citing violations of the Fair Debt Collection Practices Act, Telephone Consumer Protection Act and Fair Credit Reporting Act dropped in November compared to October but remain significantly higher year-to-date.

TowneBank in Suffolk, Va., has agreed to buy Monarch Financial Holdings in Chesapeake, Va., for $220.6 million in stock.

EZCORP Inc. has responded to the $10.5 million settlement with the Consumer Financial Protection Bureau related to its payday lending and installment lending practices.

Now is not the time for the Federal Housing Administration — which has stayed strong amid turmoil — to reduce its market share.

Hanmi Financial in Los Angeles has withdrawn its proposal to merge with BBCN Bancorp. Hanmi said in a press release Thursday that its decision follows BBCN's agreement to buy Wilshire Bancorp.

Ally Financial, seeking new sources of customers, will finance used cars sold through Beepi, an 18- month-old website that lets people buy vehicles with a few clicks and no test drive.

Seventeen colleges will receive warning letters this week from the Consumer Financial Protection Bureau stating they may be in violation of federal law for not disclosing agreements they have with credit card companies.

Credit risk, interest rate risk and cybersecurity concerns pose growing risks, according to a semiannual risk report issued Wednesday by the Office of the Comptroller of the Currency.

Green Dot is giving its chief financial officer job to Mark Shifke, who has been the firm's acting CFO for the last seven months.