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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The San Mateo, California-based online consumer lender has now laid off some 500 employees in recent months. The downsizing reflects broader challenges in the tech industry, but it also comes as Upstart struggles to get enough funding for its loans.
January 31 -
The Rosemont, Illinois-based bank said its longtime CEO Ed Wehmer will retire from the post in May and become executive chairman. Timothy Crane, who joined Wintrust in 2008 and became its president in 2020, will take over the top job.
January 30 -
Credit Acceptance Corp., a major name in subprime auto finance, is facing a legal challenge over its lending practices. Some lawyers and analysts say the company's battle with the Consumer Financial Protection Bureau has broader implications for the rest of the industry.
January 29 -
The Boston bank reported broad-based increases in loans during the fourth quarter, and said it's upbeat about its forecast for 2023. "I think the reason why we're comfortable is because we haven't changed our credit box at all," said CEO Nitin Mhatre.
January 26 -
The McLean, Virginia-based bank is building its deposit base — in contrast with many banks that are starting to see outflows. But the growth is accompanied by rising interest expenses, which are expected to cut modestly into profit margins this year.
January 25 -
The declining credit quality included more borrowers with higher credit scores falling behind on their credit card payments. But executives said the increase remains within expectations as it continues seeing "very linear normalization" in credit.
January 23 -
The Wall Street Journal reported the Fed is investigating Goldman Sachs' Marcus division, the company's effort to reach U.S. consumers that has been scaled back. The New York bank's stock fell 2.5% after the news.
January 20 -
More consumers are struggling to pay their auto loans from Detroit-based Ally, but CEO Jeffrey Brown says executives "feel very good" about their preparations for a downturn. Investors appeared to like his message as its stock jumped 19%.
January 20 -
The Dallas-based bank, whose deposit base is more commercial-focused, has seen significant outflows in deposits over the past year. But last quarter's declines were "better than we expected," and there are other signs that the environment may moderate this year, its CFO said.
January 19 -
The Boston-based bank, which has undergone numerous leadership changes in recent years, hired a new commercial banking head and a new chief credit officer. CEO Nihin Mhatre said the bank is in a "very, very good spot" as his transformation of the company proceeds.
January 18
