Retail & Commercial

After reporting its fourth-quarter earnings, the subprime auto lender said it expects the new tax law to enable more car owners to stay current on their loans.

The company, which raised $23 million through a private placement, had a 6.97% total capital ratio at Dec. 31.

The tool runs the numbers and tells small-business people if they would qualify for an SBA loan, and if not, what they need to do to become eligible.

As it secures new funding and creates a joint venture in Japan, Moven says it is close to becoming a full-fledged U.S. “challenger” by purchasing a traditional bank.

The cloud-based vendor was formerly a division of Live Oak Bank.

Commercial lending and mortgage income surged in the fourth quarter at the West Virginia bank thanks to two acquisitions, but a tax charge cut into profits.

The House Financial Services Committee held a hearing Tuesday on the fintech industry as Congress is still beginning the conversation about what a legislative approach should look like.

The Minnesota bank was able to realize a large net tax benefit in the same quarter it took a big charge to exit auto lending, so in the end its profits doubled.

The Detroit company recorded an 11% increase in car loans and leases originated during the fourth quarter, as well as a jump in yields. Ally appears to be benefiting from Wells Fargo's substantial retrenchment in auto lending.

If the company they plan to establish comes together and works — still a big if — it could give JPMorgan an edge in competing with other banks, lead to innovative payments and other products and create unforeseen issues.