Polo Rocha is a Washington D.C.-based reporter who covers consumer finance and national banking trends. He previously covered the Federal Reserve at S&P Global Market Intelligence and state politics at WisPolitics.com. He graduated from the University of Wisconsin-Madison and has a master's in finance degree from Johns Hopkins University.
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If the industry's largest players reported more payment information to the credit bureaus, many consumers would qualify for better offers from competitors, the Consumer Financial Protection Bureau said. It's the latest example of the bureau's increased scrutiny of credit card companies.
February 21 -
About 3% of borrowers in their 20s and 30s became seriously delinquent on their credit card payments last quarter, significantly faster than older consumers. The picture was similar in auto lending, according to research by the Federal Reserve Bank of New York.
February 16 -
A pullback by the buyers of Upstart's consumer loans led to a "challenging year," CEO Dave Girouard told analysts. But he added that the company is in "late-stage discussions" with partners that are looking to make longer-term commitments.
February 15 -
The San Francisco bank entered into a multiyear partnership with Choice Hotels, which operates brands such as Radisson, Comfort and Econo Lodge. The company had previously partnered on its credit cards with Barclays.
February 14 -
Banks that previously based more of their incentive compensation decisions on loan production are recalibrating this year. It is the latest sign of how competitive the deposit market has gotten.
February 12 -
Markets are beginning to price in a higher federal funds rate target as Federal Reserve officials hint at more restrictive policies to tamp down inflation.
February 8 -
In February 2018, the Federal Reserve prohibited the San Francisco-based bank from growing beyond $1.95 trillion. Five years later, analysts, investors and lawmakers are left with more questions than answers about the unprecedented enforcement action.
February 7 -
Regulators are bringing enforcement cases while also proposing wider changes that would alter the industry for years to come. The scrutiny covers pricing discrimination, products that make car purchases more expensive and lenders' handling of repossessions.
February 6 -
After soured loans rose above the private student lender's expectations in 2022, its stock price fell 16% on Thursday. One analyst wrote that "persistent credit issues have damaged management's credibility."
February 3 -
A plan released Wednesday by the Consumer Financial Protection Bureau was more aggressive than anticipated, leading to share price declines at Synchrony Financial, Capital One and Bread Financial. "This skews toward the worst-case scenario," one analyst wrote.
February 1
