Consumer lending

The Minneapolis bank is betting that it has the heft — and the brand recognition — to compete for deposits in states where its biggest rivals already dominate.

U.S. Bank’s announcement that it will begin offering small installment loans could open the door for other financial institutions to offer them as an alternative to pricey payday loans.

The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.

Delinquencies have held steady for a year, and observers are optimistic about upcoming third-quarter data. But the long-term question is whether solid underwriting can overcome higher vehicle prices and consumer debt burdens.

Net income up is up for the industry on average, but the number of federally insured credit unions has dropped to 5,480.

The Detroit bank wants to focus on its core business instead, but other institutions have seen rapid growth in loans for recreational vehicles and other large pieces of transportation equipment.

Bank of Montreal set a profit record for its U.S. business, thanks in part to Donald Trump's tax cuts and lower provisions for bad loans.

Randal Quarles was considered for Financial Stability Board chair spot; the outgoing student loan ombudsman says the agency puts lenders before consumers.

Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law.”

Legislation allowing regular bill payments to count toward credit history would solve more problems than some critics fear it would create.