Retail & Commercial

Borrowers with a first-lien modification and home equity line of credit could face a spike in their monthly mortgage obligations when the interest rates on both loans reset next year.

Western Union (WU) has appointed Robert W. Selander, former chief executive of MasterCard (MA), to its board of directors.

Bank of America completed a $2.1 billion bulk sale of nonperforming home loans in the second quarter, and is almost done with such dispositions, said Chief Financial Officer Bruce Thompson.

Startups that focus on person-to-person payments or peer-to-peer lending may well be the future heavyweights of the financial services industry. Banks must either band together to create viable alternatives or risk losing relevance.

First Republic Bank (FRC) in San Francisco reported higher earnings for the second quarter, as strong revenue growth helped offset a rise in compliance costs.

Boston Private Financial Holdings (BPFH) has agreed to buy Banyan Partners, an investment advisory firm in Palm Beach Gardens, Fla.

Mortgage applications decreased last week from the previous week, led by a drop in purchase loan requests.

Even activities permitted under the Volcker Rule may not be worth the legal and compliance costs for small and midsize banks, according to three attorneys at Bass, Berry & Sims.

Expert Global Solutions, the holding firm for collections giant NCO Financial, is selling part of its accounts receivable management business to a private equity firm. Financial details of the pending deal were not disclosed.

The FTC and CFPB will co-host a roundtable in October to examine how debt collection issues affect Latino consumers, especially those who have limited English proficiency.