Economy

One of the top lieutenants in Silicon Valley is leaving the side of one high-profile Internet executive in Marissa Mayer to join another, Jack Dorsey.

With its IPO out of the way, First Data is accelerating its focus on merchant technology, and that means luring the developers who are rapidly changing how people shop and pay.

General Electric plans to ask early next year for relief from heightened regulatory scrutiny, while its former credit card arm says that it won't be subject to the same stress-testing rules as most banks its size.

The Consumer Financial Protection Bureau backed off some of its initial plans in its final rule requiring lenders to collect more data from mortgage borrowers, but industry representatives warned the agency had not gone far enough.

The bureau's proposed standards would drive lenders out of short-term, small-dollar lending, just as the OCC's 2013 rules did. This time, however, there will be few, if any, regulated institutions left to fill the void.

WASHINGTON — The Consumer Financial Protection Bureau finalized a rule Thursday that requires lenders to collect more information from borrowers as part of mortgage disclosures.

The chiefs of Fiserv, FIS and TCS Financial Solutions explain how they continue meeting customers' current needs while preparing for the inevitable day when those needs radically change.

Democrats clashed over banking reform Tuesday night during the party's first primary debate, underscoring the sharp divide with GOP candidates on Wall Street issues.

The pioneering online lender Kabbage has raised $135 million in new equity financing, with three large multinational banks among the lead investors, the company announced Wednesday.

The Democratic presidential candidates sparred over Wall Street reform Tuesday evening, debating how to best tame the banking industry roughly seven years after the financial crisis.

Since the G20 agreed in 2009 to route most over-the-counter derivatives through central counterparties, or CCPs, regulators have been increasingly concerned that those centers could pose a catastrophic risk to financial stability if they fail. But a years-long standoff between the U.S. and Europe is delaying efforts to deal with the risks they pose.

Democratic presidential front runner Hillary Clinton last week became the latest presidential candidate to outline her views on Wall Street reform, taking an incremental approach that tried to strike a balance between pleasing the liberal base while not taking a radical stance on issues. Following is how her plan compares with her competitors, both Republican and Democrat.

Banks are being "unbundled" by challengers in numerous business lines, but they can recapture the relationship with the help of technology and the right mindset.

To identify fintech startups deserving of special recognition this year as part of the FinTech Forward program, a team of American Banker editors, BAI staff and industry members debated the merits of self-nominees and companies we know.

Valley National Bank in Wayne, N.J., has named Bernadette Mueller senior Community Reinvestment Act officer.

Cullen/Frost Bankers will consolidate about 175 employees at a new office tower in Fort Worth, Texas, for which it will also be the anchor tenant.

OnDeck Capital has hired Gary Fearnall as its country manager for Canada.

EMV card acceptance has often been pitched as a catalyst for mobile wallets, since the terminal upgrades needed to accept EMV-chip cards could also enable contactless mobile payments. But mobile and EMV are not always on the same path.

In a new book, PayPal founder and former exec Elon Musk argues that big thinking is missing from PayPal and payment startups. Put another way, NFC and QR codes won't repair the global economy. The problem is Musk's big-picture approach is it would challenge interoperability and ultimately stagnate the very industry he's trying to save.

The British government and a trade association are trying to nationalize open loop contactless payments for transportation, a project of staggering scope designed to provide seamless rider transactions for buses, trains and local mass transit systems.