Polo Rocha

Analysts expect loan growth and higher interest rates to drive up equity prices next year, even in the face of the omicron variant and other risks.

The Consumer Financial Protection Bureau sued LendUp in September, alleging that the digital payday lender consistently misled customers about the benefits repeatedly using its loan products.

The central bank also signed off on Webster Financial’s acquisition of Sterling Bancorp and WSFS Financial’s purchase of Bryn Mawr Bank Corp. The moves come amid a political fight over the bank merger approval process.

Just three months ago, U.S. banks were still using the expiring benchmark rate for the vast majority of their new loans. But regulators said Friday the transition to alternative rates has accelerated ahead of a year-end cutoff.

LoanMart cannot market or service certain auto title loans for nearly two years under a consent agreement announced Wednesday. The company had partnered with an out-of-state bank in an apparent effort to get around the state’s 36% interest rate ceiling.

A clash among FDIC board members has intensified a debate about whether regulators should take a tougher look at large M&A deals. House Financial Services Chair Maxine Waters added to the frenzy by calling for a moratorium on approving big acquisitions.

Brent Huisman routinely solicited and received handouts from auto auction companies, the Federal Reserve said in an enforcement action that bans him from the banking industry. The gifts included Super Bowl tickets and luxury hotel stays, according to a lawsuit that Huisman eventually paid $275,000 to settle.

With prices increasing faster than they have since the 1990s, the Federal Reserve appears poised to tighten monetary policy. Top industry executives are worried about the chances of either a recession or runaway inflation, depending on whether the central bank moves too quickly or too slowly.

The agreement resolves a lawsuit over consumer loans that had annual percentage rates as high as 198%. Chicago-based OppFi denied allegations that it engaged in unfair lending practices.

Early next year, the company will become the largest bank to eliminate the fees, which are drawing scrutiny from regulators. Its announcement drew praise from consumer advocacy groups.

President Biden's announcement that he is reappointing Jerome Powell as chair of the Federal Reserve suggests that not much will change regarding supervision, capital requirements and approval of merger applications. But the still-open position for vice chair of supervision could go to a more progressive nominee.

Regulators are requiring an operational overhaul at The Federal Savings Bank. Its former CEO Stephen Calk, who sought a job in the Trump administration, was convicted in connection with loans the bank made to onetime Trump campaign chair Paul Manafort.

Acquiring the company, which has a namesake savings app, would allow the Silicon Valley lender to accelerate its plan to offer more consumer banking services. The deal comes less than six weeks after Oportun withdrew its application for a bank charter, which it plans to refile.

Mainstream lenders have long been reluctant to make short-term consumer loans because the costs involved make them expensive for borrowers. Upstart says its technology will enable partner banks to offer loans at annual percentage rates below 36%.

U.S. consumers’ card debt, which fell sharply last year, has now climbed for two consecutive quarters. The upcoming holiday shopping season will signal how quickly borrowing will return to 2019 levels.

Meghan Hinds, a 15-year veteran at the San Francisco bank, leads a group that’s been reorganized following several key departures last spring.

Even as the pandemic has hastened adoption of digital banking, industry officials say branches remain vital points of contact with consumers.

OceanFirst Financial in New Jersey has agreed to pay $186 million to buy Partners Bancorp, which owns two banks that operate in the Washington suburbs and surrounding areas.

Hunt, who joined the CBA in 2009, has been a vocal critic of the federal student loan program and the Consumer Financial Protection Bureau’s leadership structure. He plans to leave the trade group next summer.