Retail & Commercial

A U.S. district court has dismissed a class-action lawsuit filed in February 2014 against the Pennsylvania Higher Education Assistance Agency (PHEAA) by student loan debtor Neil Silver.

The Consumer Financial Protection Bureau faced hostile questions from two judges during oral arguments before a federal appeals court Tuesday as it sought to argue the constitutionality of its single-director structure in a lawsuit brought by the nonbank mortgage lender PHH Corp.

The partnership with OnDeck will allow the megabank to approve and fund loans in as little as a day, according to CEO Jamie Dimon. Meanwhile, OnDeck is eyeing similar partnerships with other banks.

The Consumer Financial Protection Bureau's upcoming proposal to regulate payday and other short-term lenders will be an important step for consumer protection, but advocates are wrong to think the CFPB's actions are intended to or will have a positive impact on the quality of credit products for the underserved.

The number of seriously delinquent mortgages reached its lowest level in over eight years, helped by new job creation and higher wages, according to CoreLogic.

Citigroup is no longer buying loans off the Prosper Marketplace platform and repackaging them into securities, a person familiar with the matter said.

Before banks are truly integrated into the digital landscape, they must break down data silos and implement steps to make data more accurate and actionable.

The New York company makes two- to three-year term loans of between $3,000 and $25,000. It is seeking to distinguish itself from other digital lenders by targeting young adults who have limited credit histories.

U.S. bankruptcy filings for the first quarter ended March 31 fell 5% to 195,565 compared to 205,851 in the same period last year, according to the American Bankruptcy Institute and data provided by Epiq Systems Inc.

Midland States Bancorp in Effingham, Ill., is planning to raise $120 million through an initial public offering. The $company said in a regulatory filing Monday that it has applied to list shares on the Nasdaq Global Select Market.