Somali-Americans who send cash home to their relatives can breathe a bit easier following the decision by Merchants Bank of California.

WASHINGTON — Loans for manufactured homes typically come with higher interest rates and fewer consumer protections than more conventional mortgages, the Consumer Financial Protection Bureau said Tuesday.

Community banks in the region are getting better, but the hunt for short-term income could bite them down the road, the Office of the Comptroller of the Currency said in its quarterly report.

Credit unions have shown that a chance to win a prize helps motivate consumers to save. However, U.S. regulations have stymied many banks from offering lottery-style savings programs, and efforts are increasing to make the necessary changes to federal and state laws.

By hiring former American Express executive Dan Schulman to lead an independent PayPal, the company is betting that his expertise — bringing innovation to a well-established international payments company — can ensure PayPal's survival.

Bank of America plans to issue chip-based debit cards to customers next month, signaling a resolution of the long-standing issues plaguing EMV debit card issuance in the U.S.

A former employee wants the company to look at a merger of equals or selling its wealth management operations to increase shareholder value. Management, meanwhile, wants to grow in a way that diversifies income and reduces risk.

The Seminole Tribe of Florida has agreed to buy Mackinac Savings Bank in Boynton Beach, Fla.

Bob Beauprez, a former community banker and Republican congressman, is challenging incumbent John Hickenlooper in Colorado's gubernatorial race. A pro-Hickenlooper group has released ads attacking Beauprez's banking ties, including the sale of his bank to First Community Bank in Taos, N.M. That bank failed in 2011.

Student loan debt totals a record $1.2 trillion but the rampant growth could slow as the strengthening economy reduces the number of new loans, Deputy Treasury Secretary Sarah Bloom Raskin said Monday.

Millions of Americans rely on payday loans to meet their short-term credit needs, and new research suggests that they understand the costs and terms associated with the product.

EBay's planned spinoff of PayPal, announced today, is a necessary and inevitable response to the influx of disruption coming to the payments industry from unconventional sources.

PNC Financial Services in Pittsburgh has agreed to buy Solebury Capital Group.

Citigroup CEO Michael Corbat reflected with Warburg Pincus CEO Joseph Landy and Paulson & Co. CEO John Paulson on the growth paradigm of tomorrow’s financial markets, the role of shadow banking within it and how the world for megabanks has become permanently smaller.

EBay, the world's biggest online marketplace, said it would split off its payments arm PayPal, finally bowing to pressure from activist shareholder Carl Icahn after nine months.

It's becoming easier for Americans with low credit scores to get a credit card, according to a new report. The industry contracted sharply during the recession.

Debt collectors scored a major victory when a court reversed a ruling in the case of Gulf Coast Collection Bureau Inc. v. Mais.

The Federal Reserve and the Conference of State Bank Supervisors recently held their second annual conference dedicated to community bank research. Here are some of the important studies and reform ideas discussed during the two-day event in St. Louis.

The $3.2 billion-asset HomeStreet will pay $128 million in stock for the $870 million-asset Simplicity, the companies said in a press release Monday.

ICANN, the governing body for Internet domain names, has given fTLD Registry Services the authority to operate the ".bank" domain name.