Laura Alix

Several consumer advocacy organizations have urged the Office of the Comptroller of the Currency to deny the online lender's application for a national bank charter, citing concerns about its lending and debt-collection practices.

The measure, just the second of its kind the nation, mandates that fintechs, factoring firms and other nonbank small-business lenders clearly explain the terms and conditions to borrowers.

The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies.

The Oregon bank has launched a new division targeting businesses with up to $15 million in annual sales and tapped the banker who led its Paycheck Protection Program lending, Ashley Hayslip, to run it.

At least two items on the industry's Paycheck Protection Program wish list were delivered: provisions allowing many existing borrowers to obtain new funding and streamlined forgiveness for loans of $150,000 or less.

Speaking at a virtual event hosted by the Center for American Progress, Federal Reserve Gov. Lael Brainard said the agency is also seeking feedback on how the Community Reinvestment Act could be used to encourage lenders to invest in climate resiliency.

President and Chief Operating Officer Kevin Blair will take the helm in April at the company’s annual meeting while Kessel Stelling will transition to a new role as executive chairman.

The bank scored highest on customers’ assessments of product offerings and satisfaction with digital channels among eight national banks studied.

The digital-only bank is running a new promotion in which it will set up and fund, with $250, an online savings account for any baby born on New Year’s Eve.

The Federal Reserve said Tuesday that it had joined the Network of Central Banks and Supervisors for Greening the Financial System after participating in discussions with the group for over a year.