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About 40% of smaller firms applied for private-sector financing last year, which was up from 25% in 2021, according to a survey by the Federal Reserve banks. The results suggest a return to pre-pandemic credit needs, but borrowers now have different plans for the use of financing.
March 8
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The new offering will allow consumers to finance purchases of gear, parts, maintenance and fuel for ATVs, boats and motorcycles. The powersports sector has enjoyed strong growth since the early days of the pandemic.
March 8
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The San Francisco fintech made its name in refinancing student loans. Now it contends that a moratorium for federal student debt payments — put in place near the start of the pandemic — has cost it at least $150 million in profits.
March 8
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A new study finds that in the six months after a rate cap was imposed in Illinois, the number of subprime loans being made declined, and subprime borrowers reported a decline in their financial well-being.
March 8
Mississippi State University -
The dataset, developed by Federal Reserve researchers, will give historians and students a far easier way to examine banks' performance between 1867 and 1904. The period was one of significant instability, which ultimately prompted the creation of the Fed.
March 7
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The Dallas-based bank offered a more downbeat forecast than it did back in January, as rising rates have continued to put pressure on deposits.
March 7
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He was chief executive officer and chairman of the bank, then known as BankAmerica Corp., from 1990 until his retirement in 1996.
March 7
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Car loans are among the bread-and-butter products for credit unions, but slowing demand and growing delinquencies are putting some pressure on the category.
March 7
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The upstate New York company said in a regulatory filing that Daniel Reininga, who has been chief executive for 12 years, will retire on March 10, following a cybersecurity attack and an OCC crackdown.
March 7
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Senate Banking Committee Chair Sherrod Brown wants regulators to hold public meetings on branch shutdowns in situations where community members request them. His request follows opposition to a closure in a low-income section of Toledo, Ohio.
March 6
