Banking

Top Democrats in the House and Senate sent a letter to Mick Mulvaney on Wednesday questioning his decision to delay the implementation of the Consumer Financial Protection Bureau’s payday loan rule.

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.

JPM, Amazon, Berkshire Hathaway are creating their own company; Sarah Dahlgren was formerly head of supervision at the New York Fed.

The information you need to start your day, from PaymentsSource and around the Web. Today: Facebook bans bitcoin ads; Western Union opens a tech center in Pune; Apple extends Face ID to help parents control kids' apps; South Africa grapples with the fast pace of fintech.

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 tiny Chicago-based CU, with less than $1 million in assets -- is the first credit union failure of 2018.

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.

One CU has already gone live, while the others are set to launch later this year.

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.

Hadley Robbins had a difficult task stepping in after Melanie Dressel's unexpected death last year. Now he must find ways to keep expanding without disrupting a system that has proved successful.

Wells has tapped Sarah Dahlgren for a newly created position overseeing regulatory relations as the megabank tries try to remove the cloud of its phony-accounts scandal.

The pioneering brand re-enters a market where fintechs now account for over 30% of personal loan originations.

The Mobile Act would allow financial institutions to scan or copy a customer’s photo ID when opening an account remotely, while another bill contained provisions that would protect bankers from lawsuits if they report suspected elder financial abuse.

Michael DeVito, who was named Wells Fargo's interim head of home lending after the bank fired consumer lending head Franklin Codel, is now officially leading the residential mortgage unit.