Economy

Facing the prospect of losing its license in California, Ocwen would be wise to settle its probe by state regulators in a timely manner, observers said. If it doesn't, the mortgage servicer could lose significant revenue and might even face a cash crunch.

Retailers are adopting many innovations to counter the lure of online shopping, which is becoming more of a threat to brick-and-mortar stores as e-commerce spreads to a growing number of Internet-connected devices.

Regulators on Thursday posted another round of abridged resolution plans for regional U.S. banks and scores of foreign-owned institutions.

While put-backs and litigation risk are widely recognized as factors that have contributed to tight credit conditions, another factor — high servicing costs for nonperforming loans — is being overlooked.

FS Card announced Thursday that Republic Bank & Trust in Louisville, Ky., will issue its new subprime credit card, which is scheduled to be launched this spring.

Banks in Europe are selling digital gift cards alongside traditional bank accounts, allowing online consumers to buy credit for Facebook, Nintendo, Spotify and other content providers.

A federal agency's plan to tighten membership rules for Federal Home Loan banks would hurt community banks and credit unions — and could endanger the financial system, according to a broad array of stakeholders, including state regulators, lawmakers and institutions.

Mortgage application volume experienced the largest week-over-week gain in more than six years, but despite the FHA's announced cuts to insurance premiums, interest in conventional loans was greater.

Merchant acquirers have faced disruption from a number of powerful new entrants to the market in recent years, including Square, Apple and Google. Now, a pro football team is getting into the game.

Apriva is integrating its payments gateway with software from a firm calledPOS on Cloud that performs backend functions that include inventory management, reporting, accounting and email marketing.

Regardless of the outcome, MetLife's decision to fight the Financial Stability Oversight Council's ruling that the insurer is "systemically important" will have serious implications for the council's ability to rein in nonbanks.

Capital markets hold the key to the future for the consolidating Wall Street landlords, but the path through is downright bloody.

Lenders and homebuyers should not expect further reductions in Federal Housing Administration's mortgage insurance premiums this year, according to Housing and Urban Development secretary Julian Castro.

As banks look to cuts costs and improve efficiency, many are actively trying to reduce the number of times they "touch" a loan file. The goal: get the application right the first time so it doesn't have to be sent back to the underwriter for time-consuming and costly fixes.

Fears that lower Federal Housing Administration premiums will negatively affect private mortgage insurance firms are overblown. If anything, the plan should be a modest positive for the overall housing market.

Wirecard, an electronic payments company based in Germany, has partnered with Bank Mega to provide retailer Carrefour Indonesia with point of sale technology.

The Supreme Court gave homeowners more ability to cancel their mortgages if lenders don't provide the required disclosures, in a setback for the banking industry.

The insurance provider MetLife said it will file a lawsuit Tuesday to challenge its designation as a systemically important financial institution, arguing the Financial Stability Oversight Council erred in making the determination.

The Consumer Financial Protection Bureau is launching a toolkit on Tuesday that will help consumers shop for a mortgage by finding the best rates in their area based on data the agency gathers from lenders.

Freddie Mac in the next month plans to approve three more lenders, including one bank, to make multifamily loans between $1 million and $5 million for GSE purchase and securitization, according to an official. Banks were not initially courted.