Retail & Commercial

The defendants in a federal court action brought by the Federal Trade Commission agreed Thursday to stop running an advance fee recovery scheme for the duration of the ongoing litigation.

WASHINGTON — Promontory Financial Group announced Friday that it had given financial awards to two small institutions that are expanding banking access to the underbanked.

Banks that do business with the marijuana industry should follow guidance from the Financial Crimes Enforcement Network in order to navigate the conflict between state and federal laws, a top-ranking official from the Office of the Comptroller of the Currency said Thursday.

BB&T's chief executive on Thursday warned his peers about the increasing risks being taken in commercial lending.

Consumer activists are targeting the use of arbitration clauses at Wells Fargo and PNC Financial Services Group.

Fannie Mae and Freddie Mac updated their representation and warranties frameworks in a move designed to encourage mortgage lenders to ease credit restrictions by limiting repurchase requirements.

The Consumer Financial Protection Bureau issued a proposal Thursday that would institute new foreclosure protections for consumers after the agency found its previous mortgage rules didn't go far enough.

The moves by two of the industry’s biggest players come as regulators are pressuring lenders to offer more relief to distressed borrowers.

Fraternity Community Bancorp in Baltimore has agreed to add a director recommended by activist investor Joseph Stilwell.

Consumer Financial Protection Bureau Director Richard Cordray highlighted the role of banks and other payment system operators to ensure proper treatment of customers using transaction networks.