Consumer lending

Acting Director Dave Uejio said Tuesday that the Consumer Financial Protection Bureau will push back implementation of the qualified mortgage rule and may amend or revoke other Trump-era rules that have yet to take effect.

Unsecured personal lending has fallen as many consumers have stashed away cash and paid down credit card balances during the pandemic. The trend probably won’t reverse course anytime soon.

Origination volume hit a record high in 2020 as more borrowers tapped the equity in their homes and investors and second-home purchasers flocked to the market at levels unseen since before the Great Recession.

While the Mortgage Bankers Association hailed the move, some experts say it could negatively impact housing inventory.

Opportunity Financial, which offers consumer installment loans in partnership with banks, is merging with FG New America Acquisition Corp., a special-purpose acquisition corporation. The deal is expected to close in the second quarter.

The biggest U.S. banks reduced the portion of their collective balance sheets they’re dedicating to loans to a new low, extending a trend that’s seen the largest lenders put less and less of their firepower behind everyday borrowers.

On Sep. 30, 2020. Dollars in thousands.

On Sep. 30, 2020. Dollars in thousands.

Acting Director Dave Uejio wrote in a blog post that the Consumer Financial Protection Bureau needs more time to consider rules that were finalized under the Trump administration but have not yet gone into effect.

More than 50 years since the passage of fair-lending laws, homeownership remains out of reach for many people of color.

Like other card issuers, the Stamford, Conn., company expects current trends — soft loan demand but strong credit quality — to reverse later this year as the economy emerges from the pandemic-induced recession.

Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.

The companies pledged to share data with regulators, abide by certain restrictions on pricing and submit to regular examinations. But the voluntary pacts stop short of placing restrictions on existing revenue models.

Capital One Financial is the latest credit card issuer to release loss reserves because its loans have performed better than expected during the pandemic.

The Stamford, Conn., company is acquiring Allegro, a California lender that finances the purchase of hearing aids and other health-related products or services. It’s aiming to capitalize on the rising popularity of point-of-sale lending and a need for more financing options in health care — especially as more Americans turn to high-deductible plans.

U.S. credit card delinquencies reached record-low levels in 2020, as Americans took advantage of stimulus checks and adjusted their spending habits, according to a new report.

The auto finance company, which had stumbled in forays into the credit card business, is now seeing rapid growth in mortgage and unsecured consumer lending.

After a slowdown in 2020, inventory shortages and other factors could make the months ahead a grind for many lenders.

The state's Department of Financial Protection and Innovation alleged potential violations of “unlawful, unfair, deceptive or abusive” practices by a dozen companies.

Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.