Economy

WASHINGTON — The Financial Stability Oversight Council said Wednesday that it would not rescind its designation of the insurance giant MetLife as a systemically important financial institution, a move that comes as the firm's legal challenge to that label is being mulled in federal court.

Prosper Marketplace has tapped USAA executive David Kimball to be its next chief financial officer.

In almost any other election cycle, bankers would be celebrating the fact that a Republican candidate has emerged so far in front of the pack and would quickly fall in line behind him. But this has been anything but a normal election cycle, and there are a whole host of reasons that bankers will be at least as reluctant to embrace the outspoken businessman Donald Trump as the Republican establishment has been.

The mortgage servicer said it has received letters from the Securities and Exchange Commission regarding separate probes into its collection practices and fees.

More than 200 small banks across the country will be able to offer online loans to their small-business customers as part of a new partnership announced Tuesday.

Estimates of nonbank mortgage providers that will close or change hands should worry consumers and policymakers about access to credit.

Square Cash has changed a lot since it was introduced as an almost purely email-based person-to-person payments service in 2013, but the addition of its Cash Drawer feature is perhaps the biggest game-changer.

Radian Guaranty is the latest private mortgage insurer to announce a change to its pricing structure for borrower-paid policies.

Redwood Trust is "repositioning" its mortgage business by focusing mainly on jumbo loans, according to its top executives.

There are good, bad and ugly stories about how marijuana entrepreneurs deal with taxes and other financial management issues while having little access to banking services.

The nation's largest marketplace lender announced changes Friday to its partnership with Utah-based WebBank. The revisions are designed to preserve Lending Club's ability to ignore state interest rate caps.

Interac, the Canadian debit network, has frequently spearheaded contactless payments innovation. It is now taking steps to extend this tradition to mobile commerce.

Understanding how consumers pay their debts over time is expected to widen access to credit for consumers recovering from financial problems or who were hard to score before. Just how many it will benefit is an open debate.

Delinquencies are rising among the sector's less creditworthy borrowers, which is contributing to smaller returns for investors. This sets up the first major test for an industry that blossomed during a period of unusually low defaults.

As wearable technology advances, it is taking a back seat to the designs that will have these high-tech features woven in.

Carolina Alliance Bank in Spartanburg, S.C., has exited the Small Business Lending Fund program.

The precedent set in the ongoing battle between Apple and the FBI over custom access to a device in question opens up unsettling risks on privacy and security.

Chase Pay is tied to the issuer's 94 million credit, debit and prepaid card accounts, representing half of U.S. households. Depending on the perspective, this means Chase's wallet either starts with — or excludes — half of the market.

WASHINGTON — Despite dire predictions by banks and others that new mortgage rules by the Consumer Financial Protection Bureau would cut off access to credit, the industry is performing well two years after the regulations went into effect, according to the agency's top official.

JPMorgan Chase chief Jamie Dimon added to his defenses of megabanks, arguing that regional and community banks rely on them. The comments could inflame tensions among banks instead of easing them.