Retail & Commercial

BB&T (BBT) Chief Executive Kelly King urged his fellow bankers Monday to vote against politicians who favor more regulation of the private sector and replace them with leaders who have more faith in the free markets.

Equity Residential, the largest U.S. publicly traded apartment owner, is close to a deal to buy the Beatrice luxury tower in Manhattan's Chelsea neighborhood for $280 million, expanding in New York as rents jump.

The Federal Housing Administration has rescinded guidelines that would have made it harder for consumers to qualify for a mortgage if they have a collection action or disputed credit account of at least $1,000.

For international travelers, a new pact between a Citigroup Hong Kong unit and Planet Payment Inc. should take the mystery out of currency exchange rates on a purchase-by-purchase basis.

First Midwest Bancorp (FMBI) in Itasca, Ill., has named Thomas M. Prame its director of retail banking, a newly created position in which he will be responsible for the bank's 100-branch network and oversee the expansion and development of its retail products and services.

The investment bank, which specializes in research, says it has begun covering the online auction and shopping company because of its ecommerce unit, PayPal.

Two payday lenders have filed suit against the city of Austin, Texas, claiming that new regulations restricting where payday lenders can operate and how much they can lend to one borrower violate state laws.

Consider it the beginning of the Next Generation for Card Express Inc. — literally. Launched in 1995 by Alan Safahi as a prepaid card provider supporting corporate cards, CardEx soon plans to venture into the consumer market. And Safahi's son, Sean, will lead the initiative as the firm's new CEO.

We finally have a regulator with no mandate to preserve banks' image. To protect consumers, the CFPB must assure that those who cheat them are punished. New rules won't help if we don't enforce the old ones.

Bankers, regulators and consumer advocates debate the best ways to serve low-income and underbanked consumers.