Retail & Commercial

Canadian Imperial Bank of Commerce (CM) has agreed to buy MFS McLean Budden's private-wealth business.

U.S. Senator Richard Durbin said merchants should "think hard" before signing a $6.6 billion settlement with Visa, MasterCard and banks over credit-card fees.

The Miami area was hit hard when the housing bubble burst. Five years later, the area is starting to see more activity from foreign investors and new construction is under way, giving hope to the rest of the state's banks.

MetLife, the insurer seeking an exit from banking to limit U.S. regulation, was penalized $3.2 million by the Federal Reserve for lapses tied to the servicing of loans and handling of foreclosures.

Hampton Roads Bankshares (HMPR) is on the verge of a $45 million rights offering, the second phase of the Norfolk, Va., company's $95 million capital-raising effort.

As social media becomes a more important part of its marketing strategy, JPMorgan Chase lining up partnerships in the hopes of getting its upscale credit card users communicating more online.

Sen. Richard Durbin, who won federal limits on debit-card swipe fees, said merchants should "think hard" before signing a $6.6 billion settlement with Visa Inc., MasterCard Inc. and banks over credit-card fees.

GoPago's sales pitch is meant to make terminal manufacturers and independent sales organizations cringe: it is offering free hardware to support a cloud-based mobile payments system to small merchants, with no wiggle room on transaction fee pricing.

Citigroup may take a charge of almost $6 billion this quarter as it writes down the value of the Morgan Stanley Smith Barney venture, said Jason Goldberg, a Barclays analyst.

ViVOtech has sold its ViVOpay payment-hardware business, the company said Monday in a notice on its website.