Retail & Commercial

JPMorgan Chase resumed settlement talks with the U.S. as it was preparing to sue the bank in California federal court alleging it misrepresented the quality of mortgage-backed securities it sold from 2005 to 2007, according to a person familiar with the matter.

PayPal has launched PayPal Working Capital, a credit offering that merchants can apply for based on their PayPal transaction history instead of their credit history.

A senior executive at OFG Bancorp (OFG) in San Juan, Puerto Rico, is moving to the top ranks of the Federal Home Loan Bank of New York.

Revisions to banks' duties under the Home Mortgage Disclosure Act are coming soon, and they are meant to "ease the operational and technological burdens" of banks, the head of the Consumer Financial Protection Bureau said.

Saddle River Valley Bank, which was bought last year by Center Bancorp, allegedly failed to adequately monitor transactions with currency exchange houses in Mexico and the Dominican Republic.

Sen. Bob Corker, a co-author of legislation to overhaul the mortgage finance market, forcefully defended his proposal that private capital take at least 10% of the first loss on mortgage-backed securities. Others predicted that he'll have to water it down to advance the bill.

Valley National Bancorp in Wayne, N.J., is offering to sell up to $125 million of subordinated notes to repay its trust-preferred debt.

First Niagara Financial Group in Buffalo, N.Y., has promoted Tom Faughnan to become senior director of its residential mortgage business.

To succeed today, financial firms need to encourage female employees to take the right kind of risks, such as trying new innovations to serve clients.

Federal Reserve Bank of Cleveland President Sandra Pianalto said the central bank is working to improve the speed and security of the U.S. payments system.