Economy

The longer the CFPB waits to implement tighter regulations for the payday lending industry, the more Americans will find themselves trapped in a cycle of unaffordable debt.

The relationship between banks and private equity has been tense at times, but the aid PE firms are supplying to struggling energy firms could limit the losses suffered by lenders.

In the heavily competitive mobile payments market, the fastest way to lose is to pin all hopes on one vendor. Rite Aid learned this lesson the hard way as a participant in the Merchant Customer Exchange, a multi-retailer mobile payments initiative that demanded exclusivity from its partners.

Eris Exchange, an over-the-counter futures market based in Chicago, is trying to stop Eris Industries, a London tech startup, from using the name Eris in markets where both companies operate.

Regulators need to be able to impose tough requirements on foreign banks with U.S. units in order to safeguard the domestic financial system from turbulence abroad. Sen. Richard Shelby's proposal to raise the asset threshold for systemically important banks would put that ability in jeopardy.

Ocwen Financial's internal review group is "independent," and the Atlanta servicer is in compliance with the national mortgage settlement, settlement monitor Joseph A. Smith said Tuesday.

A federal judge has overturned a New York City law that would have required banks to make new disclosures regarding their investments in local communities.

The first version of the Samsung mobile wallet is nothing like the Samsung Pay that is now making its way to handsets. But the one consistent theme in Samsung's strategy is to be the first to experiment with new technologies.

Capital One Financial is in exclusive talks with General Electric to buy the company's health-care finance unit, people familiar with the matter said.

Many payment companies are hosting hackathons to attract developer talent from outside their own ranks; MasterCard found that its own people are just as eager to bring their ideas to life.

Lending Club and Funding Circle are among the firms pledging to adhere to a range of self-imposed standards in small-business lending.

The New York Bankers Association is challenging the legality of a local law that is designed to cajole banks into making larger investments in poorer communities. The outcome could be an important precedent in relation to similar laws in other cities.

BB&T will dismiss most of a 21-person small business lending group who had been employed by Susquehanna Bancshares.

Despite being introduced to the market with great fanfare, Fannie Mae's 3% down payment mortgage offering has yet to gain much traction with lenders and consumers.

M&T Bank said it's in discussions with U.S. officials to settle an investigation into the lender's origination and sale of federally insured home loans.

The Consumer Financial Protection Bureau has ramped up its push for the mortgage industry to switch to an electronic closing process after results from a pilot program showed consumers favored it over in-person mortgage closing.

Prospective borrowers for single-family homes will be required to make a minimum down payment of 15% of the purchase price, down from 20%. The borrower must have a minimum FICO score of 680, down from 740.