Economy

Payments technology is advancing so quickly on so many fronts that Spindle CEO Bill Clark is changing his requirements for hiring new sales staff.

What asset threshold? Community banks may not be required by law to conduct stress tests, but about one in three have been asked by their examiners to do so, according to a recent survey of banks.

Federal judges have dismissed two lawsuits that accused Wells Fargo of reverse-redlining in Los Angeles and Cook County, Ill., Reuters reported.

In one fell swoop, the Federal Reserve Board completed two of the most significant rules on its docket, completing a surcharge rule for the largest and most systemically risky U.S. banks and outlining the first capital rules for a nonbank systemically important financial institution.

Toronto's mass transit system is embarking on a mobile ticketing initiative that the system's operators hope will become the dominant payment system within three years — a time frame that demonstrates how hard it is to migrate to new payment technology.

Independent sales organizations are facing an age-old question that has confronted teenagers for centuries: What are they going to do with their future?

In a surprise move, the Federal Reserve Board proposed significant changes to its stress testing regime, including dropping its Tier 1 Common Capital requirements and delay leverage and risk-based capital ratio requirements for banks with "advanced approaches" in risk-based modeling.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including ways to make megabanks pay for their “too big to fail” subsidy and how banks can help put an end to human trafficking.

Major tech companies are building payment capabilities into their mobile apps, social networks and other offerings. These projects coincide with a rise in mobile commerce, potentially creating a new standard for how consumers shop.

WASHINGTON — The efforts of Fannie Mae and Freddie Mac shareholders to claw back the value of their investments by suing the U.S. Treasury have not elicited much support on Capitol Hill.

Citigroup's second-quarter profit got a modest boost from Citi Holdings, a unit set up six years ago as a dumping ground for toxic assets. After losing billions for years, Citi Holdings has now become a minor profit source for its parent.

Final guidelines for dealing with failing institutions from the international Basel Committee include direct capital injections — something the Dodd-Frank Act tried to end in the U.S. — as a last-ditch option.

Wall Street's favored bank-resolution strategy would virtually guarantee future bailouts while imposing the costs on taxpayers and ordinary investors. At the very least, the damage can be mitigated with three key reforms.

With the clock ticking for the Oct. 1 deadline for EMV adoption, acquirers and independent sales organizations have a clear opportunity to become payments consultants.

Federal Reserve Board Chair Janet Yellen sounded at least open to the idea that new regulations have contributed to potential liquidity problems, but said more study is needed.

Google is firming up plans for a feature that allows consumers to buy products directly from a retailer's ad on a mobile phone, part of a Silicon Valley-driven trend that would place card issuers at a disadvantage.

Nobody wants a big-bank bailout, but compared to the risk of contagion, it's the lesser of two evils.

Finding Apple Pay-accepting merchants in the U.K. isn't quite the needle-in-the-haystack proposition that it is in the U.S., but it's still enough of a challenge to raise concerns among Apple's partners during the mobile wallet's launch in the country.

Those looking for easy answers from a government report about what caused recent volatility in the Treasury markets — including whether regulation is to blame — were likely disappointed.

Struggling to win business in the age of QM, Impac Mortgage has relaxed underwriting requirements in hopes of attracting borrowers many other lenders won't touch.