Consumer lending

Trade groups are challenging a provision of the CFPB’s payday lending rule that limits lenders’ ability to withdraw funds from a consumer's bank account after two consecutive failed attempts.

As the expiration of a national eviction moratorium puts economic pressure on low-income households, the Consumer Financial Protection Bureau is said to be considering investigating credit bureaus, debt collectors and large landlords accused of harming renters. But some argue the agency would be overreaching.

Banks, credit card issuers and debt collectors all supported the Consumer Financial Protection Bureau’s revised regulations. But they face a steep learning curve in complying with the rules, which take effect Nov. 30.

The Silicon Valley consumer lender first applied to become a national bank during the Trump administration. But the bid stalled amid criticism from consumer advocates and a leadership change at the OCC.

Senate Majority Leader Chuck Schumer said he planned to move Tuesday to file a discharge petition to move Chopra’s nomination out of the Senate Banking Committee and onto the Senate floor.

The Chicago City Council approved a measure to boost transparency around the lending practices of the city’s banks and help address homeownership disparities in the nation’s third most-populous city.

Capital One Financial will test a new buy now/pay later service as consumers flock to the options that let them split up a purchase and pay it off over time.

Monzo Bank is planning to launch a buy now/pay later service, entering the growing online market for short-term consumer loans, according to a person familiar with the matter.

The consumer bureau is suing the online lender for allegedly violating a 2016 consent order involving its marketing claims. Acting Director Dave Uejio said the company doubled down “after getting caught the first time.”

The market for short-term installment credit is growing among millennials and Gen Z consumers who distrust credit cards. Banks are letting a golden opportunity slip away.