Consumer lending

Los Angeles dispute resolution platform Ejudicate was banned by the Consumer Financial Protection Bureau for forcing borrowers into arbitration with an affiliated creditor.

The Consumer Financial Protection Bureau issued guidance reminding banks that they must be able to prove that consumers have opted in to overdraft services in order to charge overdraft fees.

The company, a pioneer in AI-based lending, says improvements to its models and long-term commitments from the banks it works with will bring about positive returns in the third and fourth quarters. 

At a New York event, industry practitioners shared how they are addressing cultural, compliance and logistical objections to making loans based on bank account data.

Consumer Financial Protection Bureau Director Rohit Chopra said the action would "close the book" on the agency's investigation into the Sallie Mae spinout.

A top executive at the auto lender said that more borrowers struggled to repay their loans over the summer amid inflation and a tougher job market. Late payments on auto loans rose by more than Ally expected in July and August.

The Consumer Financial Protection Bureau is seeking to protect borrowers from unscrupulous loan servicers. The goal is laudable, but the agency's methods are misguided.

The Consumer Financial Protection Bureau said some non-profit hospitals are failing to provide assistance to low-income consumers, while landlords may be illegally charging fees to pay rent through online portals.

Increased demand from borrowers may hinge on Federal Reserve Chair Jerome Powell and his colleagues cutting interest rates this fall.

The once-worsening trend of consumers struggling to pay their credit card bills keeps stabilizing, new data from card issuers showed this week. The improved picture comes amid other signs that consumers aren't slowing their spending.