Economy

A Washington, D.C.-based startup that finances higher education in the U.S. for international students announced a $6 million equity funding round.

One of the nation's biggest prepaid card issuers said that it expects to lose 10% to 12% of its current revenue as a result of new federal rules governing the industry.

WASHINGTON – Sixteen Senate Democrats sent a letter to federal financial regulators on Wednesday asking them to strengthen a proposal to restrict executive compensation at financial firms.

The online lender is entering the car-loan market at a time when some banks are scaling back and regulators are sounding the alarm about deteriorating underwriting standards.

Fannie Mae is planning to provide relief to lenders from potential buybacks for loans in which the borrower's income, assets and employment information have been validated through automated underwriting.

Bizfi, a New York-based online small-business finance company, announced the hiring of John Donovan as its new chief executive officer.

Wells Fargo appears to have offered two different reasons for why it failed to inform investors about the investigation into 2 million phony accounts. That could play a role into whether the Securities and Exchange Commission files charges against the bank for disclosure violations.

Based on questions from appellate judges on Monday morning, MetLife appears to be facing an uphill fight to defend a lower court ruling that found federal regulators erred in designating the firm as a systemically important financial institution.

Lenders will get a reprieve from the threat of some mortgage-related penalties under a new program announced by housing-finance giant Fannie Mae on Monday.

Federal Reserve Gov. Daniel Tarullo defended regulators' item-by-item approach toward reining shadow banking activities, saying broader moves could be insufficiently tailored to the conditions of specific firms and activities.

In a move designed to help further calm lender fears about mortgage repurchase liability, Fannie Mae is preparing to offer immediate representation and warranty relief to lenders that use its suite of automated quality assurance technology.

A federal appeals court's decision that declared the Consumer Financial Protection Bureau an arm of the White House relies on a novel interpretation of the constitution's separation of powers clause that could have broader effects on how other regulators like the OCC and FHFA interact.

Alfred F. Kelly Jr. may be planning to run Visa his own way, but he will still face the same challenges his predecessor did. Here are a few of Visa's most immediate issues.

A slew of recent cases of misconduct in banking – from both the investment and retail sides of the business – have eroded the trustworthiness of the entire industry, William Dudley, president of the Federal Reserve Bank of New York, said Thursday.

MCA remains a very active area — and has become fiercely competitive.

The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."

Rather than addressing a pressing need like an economic crisis, a fintech charter would place the federal government in the business of choosing winners and losers in a market, with the potential to distort the banking system.

Remember how commercial and industrial lending was a hot item in the first half of the year? Not anymore. Blame election-year blues and a regulatory crackdown on CRE, regional bank executives said. The good news is that the hand-wringing over energy lending has largely subsided and banks are taking advantage of new opportunities in specialty lending.

The investment bank will take "a very deliberate and methodical approach" to building its online lending platform, Chief Financial Officer Harvey Schwartz told investors Tuesday, implicitly drawing a contrast to once-highflying startups like Lending Club and Propser.

Recent moves by the Consumer Financial Protection Bureau, including a plan to regulate payday lending, take away what limited credit options consumers have.