Consumer lending

Upstart, which specializes in the use of alternative data and AI in credit decisions, will make car loans directly and sell its technology to banks and other lenders.

Consumer spending has improved as state lockdown orders are lifted but many continue to hold off on taking trips and entertainment activities.

Consumers are parking their funds at financial institutions as lending slows and interest rates remain near zero, making it difficult for credit unions to deploy these deposits.

After drawing industry opposition, legislation that would have added broad new borrower protections during the pandemic failed to advance out of the state Assembly.

Loan forbearances are wreaking havoc with firms that normally clean up during recessions; the Fed’s latest rescue plan is off to a rocky start as few banks show interest in making the loans.

Other challenger banks focused on personal loans have struggled since the onset of the coronavirus pandemic.

The coronavirus’ economic fallout has drawn more attention to buy-now-pay-later options, leading to fresh creativity in business models and marketing.

Shelter-in-place orders have given homeowners the time to pursue upgrades and repairs, and banks are seizing the opportunity to help finance the projects.

First-quarter income for credit unions chartered in the Badger State increased by about 6% from the same period one year earlier.