Retail & Commercial

The New York Times Magazine is exploring the business of buying and collecting debt in a lengthy feature article looking at two companies and the collection professionals behind them.

Citizens Financial Group, the U.S. subsidiary of Royal Bank of Scotland, plans to hire more than 550 people for its consumer business as it prepares for an initial public offering this year.

The Providence, R.I., company is set to be spun off from its foreign parent, and executives are embracing the opportunity to simplify their products, expand lending and overhaul their customer experience.

Braintree a payment technology business owned by eBay, is reportedly looking at accepting the popular and controversial digital currency, Bitcoin, as a form of payment.

A temporary waiver allowing victims of Hurricane Sandy to finance foundation repairs and elevate their homes with 203(k) mortgages should be made permanent to help lessen the burden of flood insurance requirements, say real estate and flood hazard groups.

New York Attorney General Eric Schneiderman has settled with debt collector Forster & Garbus regarding the firm's collection of payday loans.

Costs associated with its recent acquisition pushed Cascade Bancorp, in Bend, Ore., into the red in the second quarter.

U.S. consumer debt dropped in the last quarter for the first time in a year as mortgage originations fell to the lowest mark since 2000, according to the Federal Reserve Bank of New York's latest quarterly report.

Forster & Garbus, a Commack, N.Y.-based collection law firm, agreed Friday to settle charges that it illegally sued to collect on payday loans from New Yorkers.

Sun Bancorp in Mount Laurel, N.J., plans to raise approximately $20 million to fund its recent restructuring.