Retail & Commercial

Money transmitter licensing requirements, know-your-customer rules and other requirements create high costs and barriers to entry for new players in the payments field, says Dave Birch of Consult Hyperion. It's dubious that all the red tape is beneficial or necessary for payment accounts with small balances, he argues.

Rurban, a $641 million-asset company, has renamed itself SB Financial Group and will trade under the stock symbol "SBFG" starting on Wednesday.

Triumph Bancorp in Dallas has agreed to National Bancshares in Bettendorf, Iowa.

Wells Fargo, led by John Stumpf, took more heat from protestors at its annual meeting even as it defeated a call for an independent review of its mortgage modifications.

New York Community Bancorp (NYCB) reported quarterly earnings that were relatively flat from a year earlier.

Mobile point of sale systems could expand card acceptance by adding as much as 19 million merchants, resulting in a potential $1.1 trillion uptick in annual card payments, Javelin Strategy and Research says in a new report.

The merchants chosen to speak at Nacha's Payments 2013 conference didn't waste lot of time before swinging away at the expectation that they start accepting EMV-chip cards in the near future.

Braintree Inc., a small mobile payment vendor founded in 2007, has attracted employees and board members from some of the biggest technology companies. Its recruits say the young company promises a more dynamic environment than the industry giants can provide.

Regulators' plans to force banks to consider a borrower's ability to repay small-dollar, short-term advances on their direct deposits and limit the frequency of borrowing would likely upend current business practices.

The Treasury Department is neglecting its Troubled Asset Relief Program initiatives to boost small business lending and provide viable loan modifications, the program's special inspector general says.