Economy

A federal appeals court upheld a ruling that barred hedge funds from suing to overturn the U.S. government’s 2012 decision to capture billions of dollars in the profits generated by the mortgage guarantors Fannie Mae and Freddie Mac after their bailout.

Citigroup agreed to pay a penalty of almost $5.4 million to settle a South African antitrust investigation that said it participated in an alleged cartel to manipulate the value of the rand.

Activists are pressuring banks involved in financing the controversial Dakota Access pipeline to abandon the project. If banks remain committed, they risk alienating customers, but divestment could set a bad precedent.

Fannie Mae said it earned $5 billion in the fourth quarter, doubling its profits from a year earlier with a big boost from gains on derivatives the company uses to hedge risk.

Bank of America awarded Chief Executive Officer Brian T. Moynihan $20 million for his work last year, raising his compensation 25 percent.

Chatter about bank-nonbank combinations pops up frequently, as it did in a low-profile way this week, but there are reasons you should be skeptical even in these anything-could-happen times.

JPMorgan Chase has partnered with the fintech firm Roostify to build a digital self-service mortgage platform.

The Basel III capital requirements are making it hard for banks to stay in the servicing business, said David Motley, president of Colonial Savings. Their exodus from the market indirectly hurts consumers, he argued.

Rep. Blaine Luetkemeyer, the chairman of the House financial institutions subcommittee, said Wednesday that he plans to reintroduce a bill that would change the way banks are designated as systemically important.

The bank and cloud accounting platform will offer services to mutual customers via API.

ISOs and agents have a firm hold on selling payment terminals, but that's not where the real action is. Today, merchant acquiring is about tying payments to things such as advertising, marketing and loyalty programs.

Lisa Oliver, who will also become the bank's president, previously ran the business banking division at KeyBank.

Federal Reserve Chair Janet Yellen appeared Tuesday before an uncommonly collegial hearing of the Senate Banking Committee, but the lack of outward drama masked the fact that lawmakers from both parties were using her testimony to lay the groundwork for a broader battle over the future of regulatory reform.

Federal Reserve Chair Janet Yellen appeared Tuesday before an uncommonly collegial hearing of the Senate Banking Committee, but the lack of outward drama masked the fact that lawmakers from both parties were using her testimony to lay the groundwork for a broader battle over the future of regulatory reform.

The bank has shifted Chief Operating Officer Finn Caspersen Jr. to chief strategic officer and hired Robert Plante to succeed him as COO.

The California company will target nonprofits and the government sector on a national scale after hiring a pair of lenders.

The attack goes after the social network customer service channels for issuers and other financial services, and is hard for consumers to spot.

Year to date through Sept. 30, 2016. Dollars in thousands.

Year to date through Sept. 30, 2016. Dollars in thousands.

Full-time equivalent, as of Sept. 30, 2016. Dollars in thousands.