Retail & Commercial

Citigroup Inc., the third-largest U.S. bank by assets, agreed to pay $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis.

As banks cut cross-border transfer services to emerging markets because of perceived risk, the market for remittance services opens up for digital payments startups.

The Bancorp (TBBK) in Wilmington, Del., is looking to sell up to $50 million in common stock.

Two men who said they ran a payday loan brokerage in Tampa, Fla., have agreed to settle Federal Trade Commission charges that they stole hundreds of thousands of dollars from consumers' bank accounts.

Hanmi Financial (HAFC) in Los Angeles has sold two insurance businesses Chunha Holding in Garden Grove, Calif.

The San Francisco bank abandons a practice that led to more overdraft fees and drew the ire of consumer advocates.

Jane Thompson, former president of Wal-Mart Stores' financial services unit, has joined the board of the Center for Financial Services Innovation, a research group in Chicago that focuses on low-income consumers.

Blue Hills Bancorp in Norwood, Mass., has received significant demand for its planned stock sale.

The Consumer Financial Protection Bureau says brokers will have to comply with compensation limits even if they are funding loans via a warehouse line of credit.

The San Francisco bank posted strong growth in commercial loans in the second quarter, which may bode well for other banks that concentrate on business lending, but it wasn't enough to prevent questions about how Wells will be able to maintain its performance in the face of stepped-up competition from other lenders.