Economy

The management team at Bank of the Ozarks knows it has a dependency on commercial real estate. But they assert that sound underwriting, and efforts to diversify, are what really matters when assessing risk.

WASHINGTON — The House approved a spending bill Thursday that would change the structure of the Consumer Financial Protection Bureau and take away the Financial Stability Oversight Council's power to designate nonbanks as systemically important.

Turmoil in marketplace lending has less to do with loan quality and more to do with how lenders price loans to meet supply and demand.

Freddie Mac is on track to issue mortgage-backed securities via a common securities platform by the end of this year, according to the Federal Housing Finance Agency.

Walmart Pay is the culmination of years of efforts that Walmart has put into building its brand as a trusted provider of payments. In addition to its new mobile wallet, Walmart has been involved in numerous innovative projects to help its customers move money.

Seven months after revealing its branded mobile payment app, Walmart is making Walmart Pay available in more than 4,600 of its stores throughout the U.S., with early figures indicating consumers approve of its "connected" app model.

Sen. Bob Corker, R-Tenn., a member of the Banking Committee, has reportedly withdrawn as a potential running mate for GOP presidential candidate Donald Trump.

The number of customers who obtained 10 payday loans in 2015 outnumbered those who obtained just one, the California Department of Business Oversight said in a report Wednesday.

Federal Reserve Board Gov. Daniel Tarullo acknowledged that capital requirements for smaller banks are too complicated, suggesting they could be retooled to be like earlier Basel Committee standards.

The scheme is used by borrowers who don't have enough income to qualify for a regular mortgage, so they apply for a higher-rate non-owner-occupied loan.