California

The Los Angeles company set aside more money to cover a problem loan after an updated appraisal of the credit's collateral.

Mendell Thompson, who has led the Glendora, Calif.-based institution for more than 30 years, plans to retire later this year.

The fintech Sezzle has finally received its point-of-sale lending license in California after agreeing to refund consumers in the state and pay a penalty for previously making illegal loans there, the California Department of Business Oversight said Thursday.

The fintech Sezzle received its license after agreeing to refund customers and pay a fine for previously making loans that state regulators had deemed illegal.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

Former CFPB Director Richard Cordray and consumer advocates have designed a proposed state consumer agency that would subject more financial firms and fintechs to state oversight.

Here's one way community banks are trying to win over commercial clients and wealthy households: by sharing internal research with them and positioning themselves as experts on everything from business sentiment to demographics.

A California regulator on Monday denied a lending license to the point-of-sale financier Sezzle in a detailed written decision that could have broader consequences for upstart consumer lenders.

The decision by the state’s Department of Business Oversight on an application for a lending license by Sezzle could guide fintechs and others seeking to make loans to consumers at the time of purchase.

Tom Lopp abruptly suspended a program that accounted for 83% of Sterling Bancorp's mortgage production this year. An ongoing audit of the program and pressure to diversify beyond mortgages are reasons to watch Lopp and Sterling in 2020.

One found a buyer, another announced plans to retire, and others took steps to reinvent their banks.

The FDIC was reluctant to sign off on the merger of Summit Bancshares and Faciam Holdings because the company planned to serve marijuana-related businesses.

Tucoemas Federal Credit Union faced claims of age and sex discrimination in its hiring processes.

The Department of Business Oversight said TitleMax charged consumers fees to push loan amounts above the threshold at which the state's rate cap applies.

The bank, whose 7(a) originations have plummeted in recent years, is developing a portal that will let applicants upload documents, complete forms and track application progress.

The sale comes just three years after the San Francisco bank bought the platform.

Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers.

Federal and state policymakers wagged their fingers this week at high-cost lenders that might be looking to team with banks to evade a 36% ceiling on interest rates.