Retail & Commercial

Nearly two decades ago, Federal Reserve Bank of Boston's smart card program became a key means to eliminate the inefficiencies of cash use among military personnel. The payments industry has evolved substantially in that time, requiring the military smart card program to keep pace.

Somali-Americans who send cash home to their relatives can breathe a bit easier following the decision by Merchants Bank of California.

WASHINGTON — Loans for manufactured homes typically come with higher interest rates and fewer consumer protections than more conventional mortgages, the Consumer Financial Protection Bureau said Tuesday.

Community banks in the region are getting better, but the hunt for short-term income could bite them down the road, the Office of the Comptroller of the Currency said in its quarterly report.

Credit unions have shown that a chance to win a prize helps motivate consumers to save. However, U.S. regulations have stymied many banks from offering lottery-style savings programs, and efforts are increasing to make the necessary changes to federal and state laws.

By hiring former American Express executive Dan Schulman to lead an independent PayPal, the company is betting that his expertise — bringing innovation to a well-established international payments company — can ensure PayPal's survival.

Bank of America plans to issue chip-based debit cards to customers next month, signaling a resolution of the long-standing issues plaguing EMV debit card issuance in the U.S.

A former employee wants the company to look at a merger of equals or selling its wealth management operations to increase shareholder value. Management, meanwhile, wants to grow in a way that diversifies income and reduces risk.

The Seminole Tribe of Florida has agreed to buy Mackinac Savings Bank in Boynton Beach, Fla.

Bob Beauprez, a former community banker and Republican congressman, is challenging incumbent John Hickenlooper in Colorado's gubernatorial race. A pro-Hickenlooper group has released ads attacking Beauprez's banking ties, including the sale of his bank to First Community Bank in Taos, N.M. That bank failed in 2011.