Consumer lending

During the firm's earnings conference call, Chairman and CEO David Solomon attempted to reassure investors about the costs of Marcus, declining to say when the investment bank might break even on the initiative.

A law signed last week by Democratic Gov. Gavin Newsom caps interest rates on installment loans. But three large lenders are looking to avoid its restrictions by partnering with banks.

The California Democrat is less recognizable nationally than other progressives elected to the House in 2018. But she may be "the most feared freshman" on the Financial Services Committee.

BofA’s do-no-harm approach to AI; looking at what comes next for Fannie and Freddie now that they get to keep their earnings; ruling cuts short debt collectors’ victory lap over CFPB proposal; and more from this week’s most-read stories.

As apps like Uber and Lyft gain more traction, the need for new cars ⁠— and loans ⁠— is expected to diminish.

Majority, which will launch nationwide later this quarter, will use networks of immigrants to sell a mobile phone-based account that features unlimited remittances and international calling services.

The company has rolled out an online platform for firms considering marketplace loans as an asset class.

The EU wants to protect the euro and ensure Facebook’s digital currency isn’t used for money laundering; the brokerage is partnering with six banks to offer 2% on account balances.

The state's Democratic-controlled Legislature has enacted laws establishing data privacy rights, giving municipalities the ability to set up public banks, and requiring standardized disclosures on small-business loans, among other issues. Lawmakers elsewhere are taking notice.

Delinquencies on indirect auto and home equity loans are trending up, while past-due rates on credit cards are declining, according to a recent report by the American Bankers Association.