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Consumer Finance News


Payday Lenders Lash Out at CFPB

Kevin Wack | May 02
U.S. payday lenders are lashing out at the Consumer Financial Protection Bureau in the wake of a report that concluded the industry traps consumers in a cycle of debt.
Regulation & Reform
Consumer Finance

Success of Loan Writedowns Tied to How Many Qualify, CBO Says

Victoria Finkle | May 02
A Congressional Budget Office report commissioned by Democrats concludes that principal reductions in modifications of loans backed by Fannie Mae and Freddie Mac would achieve more success if eligibility of the Home Affordable Modification Program were widened.
Washington
Consumer Finance

Ocwen 1Q Profit Boosted by Deals

Brian Browdie | May 02
The mortgage servicer Ocwen Financial more than doubled its profit in the first quarter following a string of acquisitions that has substantially boosted its market share.
Consumer Finance
Markets

Credit Bureaus Quietly Fix Reporting Flaws

Kevin Wack | May 02
A class-action lawsuit against the three major credit bureaus made headlines when a federal appeals court threw out a proposed settlement, but more noteworthy is that the suit itself led to major improvements in how they generate consumer credit reports.
Consumer Finance

OptifiNow Debuts Service to Streamline Mortgage Paperwork

May 02
OptifiNow, a maker of mortgage lending software, is rolling out a service to streamline paperwork and ease compliance.
Consumer Finance
Mortgages

D.A. Davidson to Buy Broker-Dealer Crowell Weedon

Chris Cumming | May 01
D.A. Davidson has agreed to buy the Los Angeles broker-dealer and money-management firm Crowell, Weedon & Co.
Consumer Finance
Mergers & Acquisitions

The Politics Behind Mel Watt's FHFA Nomination

May 01
President Obama has nominated Rep. Mel Watt, D-N.C., to lead the Federal Housing Finance Agency. Editors discuss why the move has little chance of winning Congressional approval and is emblematic of Washington's housing reform dilemma.

Related: How Watt's FHFA Nomination Helps Obama in Housing Debate

Consumer Finance
Mortgages

Visa Earnings Grow on Rising Credit Card Volume

Kevin Wack | May 01
Visa rode rising sales volume — particularly among users of its credit cards — to strong quarterly profits.
Comments (1)
Cards/Payments
Consumer Finance

Don't Wait for Watt, Dump DeMarco Now: N.Y. AG Schneiderman

Brian Browdie | May 01
New York Attorney General Eric Schneiderman just can't wait for Edward DeMarco's reign at the Federal Housing Finance Agency to end.
Comments (1)
Consumer Finance
Mortgages

New Mortgage Insurer Offers Banks Increased Protection

Kate Berry | May 01
National Mortgage Insurance is upending the traditional business model by underwriting every single loan it insures and promising not to ask lenders to pay claims on defaulted loans if the borrower had made 18 months of consecutive payments.
Comments (1)
Regulation & Reform
Mortgages

Banking Old School and New School

Richard Henry | May 01
We must help carry forward the traditions of relationship banking while stressing the importance of technology adaptation and modern leadership.
Comments (1)
Consumer Finance
Technology

On Deck, Online Small Business Lender, Raises $59 Million

Penny Crosman | May 01
Data-driven small business lending startup On Deck this morning announced a $17 million expansion to its Series D round of funding, bringing the round to $59 million.
Consumer Finance
Technology

Regions to Redeem $500M of Trups

Brian Browdie | May 01
Regions Financial in Birmingham, Ala., is taking steps to conform its capital to evolving regulatory requirements.
Mergers & Acquisitions
Regulation & Reform

Go on a Sales Call for a Healthy Dose of Reality

Dave Martin | May 01
When we create cultures in which higher-ranking managers become insulated from ever facing a "yes" or "no" from a customer, our leaders lose a little perspective.
Comments (1)
Community Banking
Consumer Finance

Ally's Net Income More than Triples on Sales of Canadian Assets

May 01
Ally Financial, the auto lender majority-owned by U.S. taxpayers, said first-quarter profit more than tripled, aided by gains from selling assets.
Markets
Consumer Finance

In Pictures
Comments of the Week: Fair Lending Insanity; Split Chairman and CEO Roles?

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