Retail & Commercial

The Consumer Services division of Washington state's Department of Financial Institutions has accused Quicken Loans of sending false claims in direct mail advertising to military members.

Pressure from community groups forced Valley National Bancorp to strengthen its commitment to lend in low-and moderate-income neighborhoods in order to win approval for a Florida acquisition. Other banks, too, are now placing CRA efforts front-and-center as they aim to sell deals to the public and their regulators.

The NCUA is proposing changes that would allow credit unions to approve applications more expeditiously, eliminating an edge long held by banks. The agency is also ready to let members make more commercial development loans.

Austin Capital Bank, a $71.4 million-asset institution based in Texas, will originate loans for a new online consumer lending platform called Self Lender, the two companies announced.

Incorporating bill and rental payment data into consumer credit scores would be a boon for underserved Americans. New legislation in Congress could help credit reporting agencies realize this goal.

Since the start of the Consumer Financial Protection Bureau, the debt collection industry has lived in a box of great unknowns.

Yadkin Financial in Raleigh, N.C., has agreed to sell two branches in North Carolina to Select Bancorp in Dunn, N.C.

Ally Financial and Ally Bank is starting to pay back $80 million to minority borrowers that the federal government found were victims of discrimination as a result of the companies’ indirect auto lending business.

The Consumer Financial Protection Bureau has fined a medical debt collector and ordered the company to provide financial relief to consumers for mishandling credit-reporting disputes.

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