Retail & Commercial

Bank of New York Mellon is building out a new investment firm with the mortgage specialist Amherst Holdings. The move is its second major commitment to a fixed income-related fund this year.

An Illinois federal court dismissed a Fair Debt Collection Practices Act case that involved a collection account number being visible on an envelope containing a debt collection letter. The decision goes against a high-profile collection case ruling last year.

UnionPay International, a Shanghai-based subsidiary of China UnionPay, has launched a rewards program with duty free businesses at airports around the world.

Unifund Group has acquired First Resolution Investment Corp., including all assets and an estimated 72,000 accounts with a face value of $1 billion.

WASHINGTON — The Consumer Financial Protection Bureau finalized a contentious policy Thursday allowing customers to describe their banking experiences more fully on the agency's complaint portal.

Citigroup's failure to pay 24,000 people owed money as part of a settlement with the government over foreclosure abuses has prompted Maxine Waters, the senior Democrat on the House Financial Services Committee, to call for an investigation into whether banks missed other borrowers.

The CFPB wants to expand banks' data reporting requirements under the Home Mortgage Disclosure Act. But this would impose even greater costs upon local financial institutions that are already overburdened by regulation.

The National Foundation for Credit Counseling has received a grant award totaling $2.3 million from NeighborWorks America to support foreclosure prevention efforts through its Member Agencies.

Alongside the requisite ATMs and tablet-bearing salespeople, a New York credit union has installed touchscreens where customers can visualize a path to realizing their financial goals. Wells Fargo is taking a similar approach to credit education online.

The long-standing practice of banks and mortgage lenders paying real estate brokers and homebuilders for referrals could soon be coming to an end.