Subprime lending

The companies said the "meaningful impacts" of the coronavirus pandemic led them to terminate the $2.7 billion deal.

The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans.

Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it's seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic.

Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.

Investors are reacting skeptically to the auto lender's deal to acquire CardWorks for $2.65 billion.

The city's decision to drop a lawsuit alleging predatory ending by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup highlights the challenges municipalities face in taking on deep-pocketed financial institutions.

The New York bank said Wednesday that its first-ever credit card has brought in nearly $2 billion of loans in less than six months.

Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting homeownership for low- and moderate-income residents.

The Bank is poised to pick two people to handle Simon Potter’s former job; Securities backed by subprime U.S. car loans are “going gangbusters.”

Tom Marano, a former Bear Stearns banker, was apparently well compensated following the housing crisis for heading up ResCap and Ditech, both of which went into bankruptcy.

Gordon Sondland, the U.S. ambassador to the European Union, is often described as a hotelier from the Pacific Northwest. But he has also had a long and sometimes controversial career in finance.

Mission Lane, which was spun off from LendUp in December, said Monday that Shane Holdaway took the helm in August after roughly a year serving as CEO of Barclays' U.S. consumer bank. The upstart lender also announced that it has raised $200 million in equity funding.

Some industry economists say this yield curve inversion is not as reliable an indicator as it has been for past recessions, but credit unions should still start preparing for an eventual economic downturn.

The FDIC and the OCC relax the rule restricting proprietary trading; home buyers with bad credit, lots of debt, or employment issues are again getting loans.

Sensing a profitable opportunity in an underserved market, a variety of companies — ranging from traditional banks to fintech startups and even Amazon — are rushing into selling secured credit cards and other products designed for consumers with poor or thin credit.

Offering secured credit cards can help a credit union build loyalty with members but this product line can be difficult to successfully manage.

Aura is one of the few fintechs in the nation to have a community development financial institution designation from the Treasury Department.

New York lawmakers took steps to prevent predatory lenders from using the state's court system to seize the assets of small businesses nationwide.

Santander Bank and Santander Consumer USA have put many problems behind them in recent years under CEO Scott Powell, but he still has a Federal Reserve enforcement action to resolve and is negotiating with Fiat Chrysler to preserve a crucial auto lending relationship.

Uber Technologies Inc. is going nationwide with a program that helps those without a car — or the financial means to get one — drive for the ride-hailing giant.