Economy

Last month Western Union sharply cut its prices to keep pace with the retail giant, several months after MoneyGram took a similar step. The developments offer a reminder of why banks remain scared of Walmart's consumer finance ambitions.

Banks want all loans held in portfolio to be classified as ultrasafe regardless of the underwriting characteristics or of a bank's asset size. But consumer activists and independent mortgage lenders are raising red flags ahead of possible Senate Banking action.

Patricia Goldstein, the commercial real estate finance pioneer, veteran workout banker and mentor of many of today's top female executives, died Thursday in Highland Beach, Fla. She was 69.

The SAFE Transitional License Act would allow registered lending officers to work at independent mortgage banks for 120 days while they complete state testing and licensing requirements.

Executives from two insurance companies, Prudential Financial and Country Financial, warned Thursday that the Financial Stability Oversight Council should be more transparent with the institutions it oversees, despite recent reforms.

The compliance costs associated with the CFPB's proposed reforms to the payday lending would force many small businesses to close shop, reducing access to short-term credit for many Americans.

Wells Fargo has launched a tool that helps small business owners create and update business plans.

A House subcommittee approved a bill Wednesday that would redirect money from an affordable housing fund that receives money from Fannie Mae and Freddie Mac into another program run by HUD.

A step-by-step look at GE Capital's breakup plan and its likely aftermath, including recent comments by bankers who may be looking to buy various parts.

With low rates tempting more home owners to refinance and relaxed down payment requirements spurring more home sales, bankers are more optimistic about mortgage lending than they have been in some time.

Large foreign firms are facing key decisions about the size of their footprint here as they approach a Federal Reserve Board requirement to form a separate holding company to house their U.S. subsidiaries.

Breaking up the biggest banks could wind up increasing the chances of a taxpayer bailout, while reinstating Glass-Steagall would only serve to make banks less stable.

Freddie Mac has planned its first Extended Timeline Pool Offering, the government-sponsored entity announced this week.

The ubiquitous coffee chain is making new inroads with its mobile payments app, and its success underscores how nonbanks can outdo banks at their own game and should be watched closely by banking industry participants.

In light of a recent op-ed about pawnbrokers denied banking services, it's worth reiterating that the FDIC encourages banks to assess individual businesses for risk rather than declining to provide services to entire categories of customers.

In another escalation of Quicken Loans' ongoing clash with the government, the Department of Justice on Thursday filed a lawsuit alleging shoddy underwriting by the company.

WASHINGTON — The Federal Housing Finance Agency is sticking to its schedule and moving quickly to finalize proposed financial requirements for nonbank firms that service Fannie Mae and Freddie Mac loans.

Bill Emerson, chief executive of Quicken Loans, said at a recent conference that the threat of government probes and a lack of regulatory clarity are making FHA lending less attractive.

Small-business lender Funding Circle, which has operations in the United States and the United Kingdom, has received $150 million in new investment.

As banks have largely ceded the market for government-backed loans to nonbank lenders and servicers, it's fallen on Ginnie Mae to be sure that these nonbanks can meet their obligations to bondholders. It's a huge concern for President Ted Tozer, who says the company does not have the resources or manpower to examine these firms' finances.