Financial institutions

The Federal Reserve Board's top two leaders on Wednesday defended the authority for resolving large company failures against criticism that the policy is a continuation of "too big to fail."

Kabbage is licensing its digital lending technology to one of Canada's largest banks, which plans to offer an online application process to small businesses.

Prosper Marketplace is rolling out a revamped website that is designed to make loans it sells more attractive to individual investors.

Federal regulators will take decisive action if the biggest banks fail to improve their living wills by October, Federal Reserve Board Chair Janet Yellen pledged to lawmakers on Tuesday.

Consumers deserve disclosure and the protections enjoyed by payroll card users, but it is critical that regulations do not put providers out of business.

WASHINGTON – Democratic Senators sent a letter Monday to federal financial regulators pressing them to "remain vigilant" while grading big Wall Street banks' resolution plans.

Minneapolis Fed President Neel Kashkari fired back Monday at those who argue "too big to fail" has been adequately addressed by Dodd-Frank and other reforms, contending that the new structure is overly complex and goes against real-world market conditions.

Tim Sloan, president and COO at Wells Fargo, is widely viewed as next in line to take over as CEO of the bank. He discussed the speculation — as well as energy lending, credit standards, living wills and a number of other topics — in a recent interview.

House Republicans' plan to subject all federal regulators to the Congressional appropriations process is alarming industry observers, who argue it could hurt both banks and consumers.

The OCC might also open up an outpost "where the tech firms are," the Comptroller of the Currency said Tuesday.

House Speaker Paul Ryan, R-Wis., unveiled a Republican agenda Tuesday aimed at jump-starting the economy which includes a number of financial reforms including revamping the Consumer Financial Protection Bureau and limiting bank regulations.

Renaud Laplanche, the LendingClub founder who stepped down as its leader in a shakeup last month, sold off part of his stake in the company, according to a regulatory filing.

During an event in Washington, Brian Moynihan touched on the regulatory environment as well as technological innovations like the distributed ledger that are changing the banking industry.

The Federal Reserve Board is getting an earful from critics within and without the financial industry over its proposal to limit banks' credit exposures to a single entity.

Nonbanks now set the digital banking experience bar, but in less than a decade large banks will have swallowed them up and will have become digital financial superstores.

Even if the lower-court decision against the Financial Stability Oversight Council is upheld, there remains a compelling case to reform how the council designates large nonbank firms.

State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.

Lending Club has revised its loan sales data for the last week of May after discovering that the numbers included loans that it actually bought itself.