Economy

Minneapolis Fed President Neel Kashkari made waves when he said drastic measures — including potentially breaking up the megabanks — are needed to end "too big to fail." In an expansive interview, Kashkari talked about his political future, the culture at the Fed and the challenge of legislating change.

The financial services sector would benefit from companies — banks included — submitting dedicated disclosures on the impact of climate change.

The Department of Housing and Urban Development issued a proposal Wednesday to codify recent changes to its reverse mortgage program and to provide additional protections for seniors, including a cap on annual interest rate increases.

Google’s upcoming personal assistant and cross-platform messaging apps make substantial use of payments, though the transactions exist entirely in the background to encourage a smooth user experience.

A study commissioned by the Massachusetts Bankers Association found a correlation between a spike in credit unions with low-income designations and an increase in member business lending in the state.

Banks are trying to upgrade tech offerings, from mobile banking to bill pay. But that's easier said than done, in part because the biggest core processors use their dominant market share to restrict access to banks' networks. They do this, in part, because they offer their own competing tech products.

Synchrony Financial, the credit card lender that was recently spun off from General Electric, is considering an expansion into small-business lending.

JPMorgan attracted stronger support for its annual say-on-pay vote after dozens of conversations with major shareholders prompted it to make a series of changes to executive compensation.

Technology leader BBVA Compass has been ahead of the pack in real-time payments, neobanking and fintech investing. Manolo Sanchez shares his vision for next steps: the bank's developing API marketplace and "Uberized" digital banking.

Key Democrats abruptly reversed course Tuesday concerning a monetary policy tool, saying they now support the Federal Reserve's ability to pay interest on banks' excess reserves.

Following the scandal-tinged departure of CEO Renaud Laplanche, the company is contemplating drastic steps to restore the confidence of loan buyers. Scenarios that would have been far-fetched a short time ago — such as diluting shareholders and funding loans off its own balance sheet — are now under consideration.

Harmony Bank in Jackson, N.J., has exited the Small Business Lending Fund. The $ 295 million-asset company said in a press release Tuesday that it paid about $3.5 million to redeem roughly 3,500 shares of preferred stock.

Google should be applauded for deciding to ban payday loan-sponsored ads. But it should tweak some of the details so legitimate lenders can still advertise.

Mobility's incursion into merchant services is normally treated as a threat to independent sales organizations and legacy acquirers, who will find themselves on the outside as technology-based services take over the store.

As the Federal Reserve Bank of Minneapolis continues its yearlong inquiry into how to end "too big to fail" in the banking system, academics and economists are starting to home in on a different but related question: How do we keep financial contagion from creating financial crises?

The June 25 launch, which will provide lenders with much more information about a borrower's credit history, will mark the first widespread use of trended data in the mortgage industry.

Favorable treatment under upcoming Consumer Financial Protection Bureau rules has led banks to signal interest in small-dollar loans. But if they can serve the market profitably, why aren't they already doing it?

Too many fintech companies are selling superficial products. Entrepreneurs need to start solving hard problems and offering real value.

In a blog post on the Brookings Institution website, former Federal Reserve Chairman Ben Bernanke defended the Dodd-Frank Act and Basel reforms as a necessary "process" while countering calls to break up the largest U.S. banks as shortsighted and unnecessarily disruptive

Stephen Scherr, Goldman Sachs Group's chief strategy officer, will take on the additional role of chief executive officer for banking operations.