PLEASANTON, Calif. - (11/18/04) -- E-Loan Inc., the once high-flyingonline lender, said net income for its fiscal second quarterplunged 99% to just $700,000, or a penny a share, compared to thesame period last year, based o a massive slowdown in its mortgagelending operations. Revenues fell 20% for the quarter to $35.1million, which included a halving of refinance business. Thecompany reported a 46% rise in revenue from its home equity lendingfor the quarter and a 25% increase in auto loan revenue. For thefirst two quarters of its fiscal year E-Loan reported a net loss of$850,000, or a penny a share, slightly better than a loss of$937,000, or a penny a share, for the first half lastyear.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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