Consumer lending

The Biden administration's student loan forgiveness plan remains stalled, after the 5th U.S. Circuit Court of Appeals refused to lift an order blocking the sweeping program.

The Canadian banking giant reached a five-year deal with community groups that includes $40 billion in investments to underserved groups. BMO aims to close its acquisition of San Francisco-based Bank of the West before the end of the year.

President Biden announced that his administration would extend the pandemic-era pause in student loan repayments through June 30 amid legal challenges to his college debt-forgiveness plan.

Despite stiff competition, compounded with confusion surrounding President Biden's loan forgiveness program, credit unions managed to bring their student-loan portfolios back from pandemic lows.

U.S. consumers are more likely to apply for a credit card, and less likely to get rejected, than they were last year, according to a New York Fed survey. The card industry is growing even as the mortgage and auto lending sectors show signs of retrenchment.

Brown has been with the online lender almost since it was spun off from General Motors, helping it broaden its product offerings and take a stand on overdraft fees. Now he must help Ally confront a looming recession.

President Biden called on the U.S. Supreme Court to let his student-loan relief plan take effect, setting the stage for a multibillion-dollar showdown that could affect more than 40 million borrowers.

The subprime consumer lender, whose stock price has sagged this year, is being sold to an asset management firm. Elevate's CEO told employees that "the current market conditions present a challenging backdrop for our organization and so many others in the consumer finance industry."

The San Francisco bank joined Bank of America, U.S. Bancorp and Huntington Bancshares, which have previously introduced similar products. The Pew Charitable Trusts said the loans are a more affordable option for cash-strapped consumers than payday loans and overdraft fees.

The $121 billion-asset consumer lender paused its share repurchase program in July as it conducted an internal investigation of its servicing practices. Analysts said the resumption of buybacks is a positive sign regarding the company's ability to resolve the lingering issues.