Retail & Commercial

MoneyGram has acquired the assets of Nexxo Financial, a money transfer and prepaid technology provider in Burlingame, Calif.

Fueled by demand for auto loans and higher credit card balances, U.S. consumer borrowing soared in July and posted its biggest jump since November 2001.

The Federal Housing Finance Agency is receptive to the idea of Federal Home Loan Bank mergers, according to the agency's director.

Richard Fairbank acknowledged that increased competition among lenders is leading to looser loan terms, but said the industry is still normalizing after an extraordinary recession-era period.

A top executive at American Express acknowledged Monday that the firm's efforts to persuade consumers to pay with their mobile phones have so far been a failure.

Banks are looking to cross-sell products, and they're targeting commercial and industrial borrowers to do the buying. It is a result of higher capital and liquidity requirements, and the fact that commercial borrowers are the best targets.

BB&T is back the business of buying banks for the first time in several years, even though most of its peers think regulators are opposed to big-bank M&A. BB&T's investments in compliance improvements make its executives feel confident about getting new deals done, CEO Kelly King says.

Customers Bancorp in Wyomissing, Pa., has hired Dawn Melesko to serve as director of social media for BankMobile, the mobile and tablet banking platform it plans to launch in late summer 2014.

Nonbank mortgage lenders boosted loan production by 50% in the second quarter, relying heavily on higher purchase volumes, Richey May & Co. said Monday.

Consumer borrowing in the U.S. rose more than forecast in July as non-revolving loans including those for cars climbed by the most in three years.