Nonbank

Banks' business models are even more vulnerable to a massive shake-up than industry behemoths like McDonald’s and Coca-Cola. The industry will be redefined by technological change and shifting consumer preferences, as well as by regulations that limit the sector's adaptability.

Wealthy investors from China and the Middle East are using Citi's private bank to acquire land and fracking rights as vulnerable owners consider emergency liquidations.

Foreclosures and delinquencies may seem like problems from the past, but servicers are still struggling with a massive backlog of distressed loans and a return to normalcy is at least two years away, if not longer.

Fidelity Investments and Federated Investors are walking clients through major changes in the $2.7 trillion money fund business as banks fear another blow to funding.

Apple's mobile wallet has been out for just four months, and already it has shaken up the way mobile payments operate at the point of sale. It has faced pushback from some merchants and banks, but it has also popularized new forms of security and other payment technology.

The online loan marketplace Lending Club has formed a partnership with a nationwide network of community bankers.

CashCall, an online loan servicer, reached a $1 million settlement with California's Department of Business Oversight on Thursday.

By linking mobile payments with money transfers, Western Union created a new use for Apple's mobile wallet. But it must still rigidly conform to the basic requirements of an Apple Pay transaction — without a bank account, there is no payment.

Small business alternative lender Biz2Credit has added Fortis Payments to its roster of payment partners.

The Federal Housing Finance Agency will require nonbank mortgage firms to meet minimum liquidity and net worth standards to curb risks to taxpayers from the rapidly expanding industry.

Marketplace lenders are seizing on current investor enthusiasm after the December public listing of LendingClub. SoFi and Funding Circle have set new origination targets, and new capital markets deals may help replace bank credit lines for Blue Elephant Capital Management and perhaps others.

Banks partnering with prepaid card providers face the potential of higher deposit insurance fees and other ramifications from the Federal Deposit Insurance Corp. classifying accounts as "brokered."

Peer-to-peer and institution-to-small business loan marketplace Funding Circle launched a new fractional loan marketplace today, the San Francisco company announced.

California's Department of Business Oversight said Friday that it will drop its effort to suspend Ocwen Loan Servicing's mortgage license in California. The Atlanta servicer had failed for more than a year to provide its California regulator with requested information

BB&T and KeyCorp's quarterly results showed how more diversified regional banks can turn to their insurance sales, investment banking and other fee generators for backup until interest rates improve. Whereas the smaller Huntington Bancshares needed strong loan growth in a quarter (and year) when fees fell.

U.S. banks are cutting off payday lenders' access to a database of account information used to evaluate potential borrowers as regulators seek to rein in abusive practices.

A Wall Street lobbying group said President Barack Obama's plan to raise $110 billion over the next decade through a new tax on financial companies could stifle economic growth and make banks less likely to lend.

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.

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.

Online lending marketplaces claim that they will revolutionize the financial services industry. But financial companies need a lot more than high-tech prowess to achieve sustained success.