Earlier today, Morgan Stanley filed with the SEC a preliminary information statement describing its plan to spin-out its Discover Financial Services business unit later this year.

Glenbrook's Bryan Derman files the following report he prepared following his participation last week on a panel titled "Hype or Reality – Anti-Money Laundering Risks from Prepaid Payment Products and What Can Be Done About Them" at the Spring Meeting of the American Bar Association’s Business Law Section in Washington, DC.

Aner Ravon blogs about a new PayPal mobile payment service he calls PayPal Mobile Checkout. Vauhini Vara writes for the Wall St. Journal about the service - quoting PayPal spokeswoman Amanda Pires as saying it is expected to launch within the year.

The Mint blog has an in-depth look into credit scores, why they're important, how they're calculated, how to improve your credit score, etc. Mint is a "venture-funded startup that is working nights and weekends to build a free, effortless, and secure anytime-anywhere personal finance tool for individuals who want control of their current and financial future." You can sign up to be notified when they launch.

Netbanker's Jim Bruene blogs about a new cell phone protection plan introduced by Wells Fargo - pay your cell phone bill automatically using a Wells Fargo credit card and receive insurance in the event the phone is damaged, lost or stolen (subject to several limitations of coverage). Details here on the Wells Fargo Bank website.