Consumer lending

President Biden extended the pause on federal student loan repayments by another three months as the U.S. faces a fresh wave of COVID-19 cases from the omicron variant, removing a near-term threat to millions of Americans’ finances.

The Consumer Financial Protection Bureau sued LendUp in September, alleging that the digital payday lender consistently misled customers about the benefits repeatedly using its loan products.

Asenso Finance and a community development financial institution, the National Asian American Coalition, have developed a loan aimed at borrowers with limited credit histories. The underwriting relies in part on alternative data and borrowers are required to take financial literacy courses.

The Biden administration faces a growing backlash on social media for refusing to further extend a moratorium on student loan payments.

LoanMart cannot market or service certain auto title loans for nearly two years under a consent agreement announced Wednesday. The company had partnered with an out-of-state bank in an apparent effort to get around the state’s 36% interest rate ceiling.

The use of artificial intelligence and machine learning in financial services, while promising, is not without risk. It's on federal regulators to ensure that algorithms relied on by banks and credit unions aren't harming businesses and consumers.

The banking industry, which often questions aggressive moves by the agency, urged the Consumer Financial Protection Bureau to level the regulatory playing field between the financial and technology sectors.

Brent Huisman routinely solicited and received handouts from auto auction companies, the Federal Reserve said in an enforcement action that bans him from the banking industry. The gifts included Super Bowl tickets and luxury hotel stays, according to a lawsuit that Huisman eventually paid $275,000 to settle.

Rohit Chopra, director of the Consumer Financial Protection Bureau, pledged to make it easier for state attorneys general to draw on the Consumer Financial Protection Act in filing lawsuits against corporate wrongdoers.

Citizens Financial Group, which has offered instant financing for the Xbox All Access program since 2019, will now provide point-of-sale loans for Microsoft PCs, tablets and other products and services.