Lending Club

A bill that would ensure fintechs can continue to partner with banks to make loans at interest rates that exceed state caps drew some bipartisan support on Wednesday, despite opposition by consumer groups.

The Cleveland Fed's conclusion that U.S. consumers are typically worse off after getting online loans encountered strong pushback from industry groups and the company that provided the data.

The San Francisco company is one of numerous online lenders that are struggling to become profitable.

Consumers who have borrowed from online lenders owe more and have lower credit scores than similarly situated consumers who have not used online lenders, according to a study released Thursday by the Cleveland Fed. The provocative findings seem likely to spark intense debate.

The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.

The San Francisco-based lender still posted losses in its portfolio, although those declined considerably from the year-ago period.

German bank says the $220 million settlement closes the book on its Libor-related misdeeds; reopening mandatory arbitration could backfire on banks.

Arthur Levitt says seemingly daily scandals highlight the lack of oversight and corporate governance shortcomings of financial technology firms, but two marketplace lending executives responded that more mature companies have just as many problems.

Company is third fintech firm in the past few months to seek its own bank charter; vice chair’s departure gives Trump four vacancies to fill on the Federal Reserve Board.

The largest banks are approving small-business loan applications at the fastest rate since the recession, a sign that that they are willing to assume more risk and taking seriously the threat of competition from online lenders.