Consumer lending

The subprime auto lender Prestige Financial Services used machine learning to make more effective lending decisions than its former model.

Gov. Jerry Brown’s administration sent letters Wednesday to 20 nonbank lenders that charge triple-digit annual percentage rates to try to determine if their use of online referrals is steering borrowers into larger loans than they want or need.

Sen. Warren proposes a bill that would extend the law to credit unions while stiffening penalties; the Spanish bank taps UBS’s Andrea Orcel.

The report from an advocacy group that focuses on college affordability says schools need to do a better job of educating students about their eligibility for federal loans, which typically carry lower interest rates than loans from private-sector lenders like credit unions.

By using the app, which will go live Monday in a pilot program, customers can point their phone at a vehicle and get an augmented reality overlay that provides all its critical info: the make, model and year of the car, as well as its price range and other information.

Already tasked with fixing Wells Fargo's scandal-plagued retail bank, Mary Mack has added a second big job: running a consumer lending operation that is dealing with reputational issues of its own.

The report from an advocacy group that focuses on college affordability says that schools need to do a better job of educating students about their eligibility for federal loans, which typically carry lower interest rates than loans from banks and other private-sector lenders.

Speaking at an investor conference in New York, John Shrewsberry addressed a recent media report saying regulators had rejected Wells Fargo’s restitution plan for overcharged auto customers.

Four lenders, led by Sallie Mae, have long dominated the market for private student loans. But they could soon face new competition from Navient and Nelnet.

The Minneapolis bank is betting that it has the heft — and the brand recognition — to compete for deposits in states where its biggest rivals already dominate.