Economy

The Federal Reserve Board's top two leaders on Wednesday defended the authority for resolving large company failures against criticism that the policy is a continuation of "too big to fail."

Contrary to doom-and-gloom attitudes of some about banks' ability to compete for millennials' business, the industry will build on its history of innovation to meet the technology needs of future customers.

Michael Stegmanm President Obama's former point man on housing-finance reform, is taking a job with a think tank that has sought to play a major role in shaping rules for a world without mortgage guarantors Fannie Mae and Freddie Mac — at least in their current form.

Kabbage is licensing its digital lending technology to one of Canada's largest banks, which plans to offer an online application process to small businesses.

Microsoft is in the process of rolling out a mobile wallet for its small share of the smartphone market. But the company has been steadily developing this technology across much bigger platforms.

Prosper Marketplace is rolling out a revamped website that is designed to make loans it sells more attractive to individual investors.

Who is Microsoft Wallet for? With just 1.6% of the U.S. smartphone market as of January, it's unlikely that even Microsoft believes Windows Phone users are a huge untapped audience for mobile payments.

Federal regulators will take decisive action if the biggest banks fail to improve their living wills by October, Federal Reserve Board Chair Janet Yellen pledged to lawmakers on Tuesday.

Consumers deserve disclosure and the protections enjoyed by payroll card users, but it is critical that regulations do not put providers out of business.

Steps to improve credit access, evangelize for down payment programs and offer borrower counseling can stop and even reverse the decline in homeownership.

WASHINGTON – Democratic Senators sent a letter Monday to federal financial regulators pressing them to "remain vigilant" while grading big Wall Street banks' resolution plans.

Minneapolis Fed President Neel Kashkari fired back Monday at those who argue "too big to fail" has been adequately addressed by Dodd-Frank and other reforms, contending that the new structure is overly complex and goes against real-world market conditions.

Facebook is poking its fingers into a lot of seemingly unrelated businesses, but commerce is always at the heart of its efforts. Here are some ways Facebook is building a new foundation for payments.

Tim Sloan, president and COO at Wells Fargo, is widely viewed as next in line to take over as CEO of the bank. He discussed the speculation — as well as energy lending, credit standards, living wills and a number of other topics — in a recent interview.

House Republicans' plan to subject all federal regulators to the Congressional appropriations process is alarming industry observers, who argue it could hurt both banks and consumers.

The OCC might also open up an outpost "where the tech firms are," the Comptroller of the Currency said Tuesday.

Delinquencies on non-owner-occupied commercial real estate loans ticked up in the first quarter after years of steady declines. Some are shrugging off the increase, saying it was expected given the strong demand for CRE loans, but others say there's good reason to be concerned.

House Speaker Paul Ryan, R-Wis., unveiled a Republican agenda Tuesday aimed at jump-starting the economy which includes a number of financial reforms including revamping the Consumer Financial Protection Bureau and limiting bank regulations.

Renaud Laplanche, the LendingClub founder who stepped down as its leader in a shakeup last month, sold off part of his stake in the company, according to a regulatory filing.

A growing number of marketplace lenders and other fintech companies say they no longer use FICO scores or are using them in a limited way. The open question is whether their alternative methods will be more effective.