Consumer lending

The lawsuit filed on behalf of the National Association for Latino Community Asset Builders says the rule was based on “an invented evidentiary standard,” and failed to consider consumer protections mandated by Dodd-Frank.

The subprime lender cited low odds that Washington will deliver further economic relief, and the fact that $1.5 billion of loans whose deferral period expired are now more than 30 days behind.

Even as consumers shift more spending away from cash and the market for personal travel picks up, the coronavirus pandemic is still exerting a heavy toll on Mastercard's consumer and corporate spending.

The agency found a 40% error rate in the 2016 data submitted by the Seattle bank. In addition to the fine, the institution is required to improve its compliance systems.

A 2019 decision by Amy Coney Barrett, then a 7th Circuit judge, cited an earlier Supreme Court ruling suggesting a high bar for plaintiffs to claim harm. But other jurists have favored a less onerous standard.

Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student loan portfolio, according to people familiar with the matter.

With the sector facing serious headwinds — from declining enrollment during the pandemic to the prospect of a Biden administration making college free for many families — the departure of a major player could be a shot in the arm for the likes of Discover and Sallie Mae.

The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses.

Banks have managed to steer around trouble spots in energy, hotel and mall-related credits. But fears of further deterioration, an eviction wave or more job losses are keeping lenders circumspect.

The new policy will allow the company to close some work sites and reduce the size of others. It’s part of a broader effort to cut expenses to help offset revenue declines brought on by the coronavirus pandemic.