Consumer lending

While medical debt is not a problem created by the financial services industry, the industry has a critical role to play in addressing it.

The Ohio Democrat is pressuring the CEOs of JPMorgan Chase, Bank of America, Citigroup and Wells Fargo to proactively provide financial benefits to active-duty service members. Those protections are enshrined in a 2003 law, but many service members do not seek them out.

Leaders at the helms of organizations like Georgia United Credit Union, BayPort Credit Union, Blend Labs and more are adapting products such as "soft check" credit scoring, artificial intelligence-powered bots to streamline application reviewal and more.

The Georgia-based bank says it's expanding its relationship with GreenSky, a home improvement lender that Goldman Sachs bought in 2022 but put up for sale a year later. The deal will bring a one-time revenue boost and a recurring fee income stream.

Frustrated by its inability to overcome loan-servicing mistakes that triggered three separate regulatory consent orders, Discover Financial Services elected to sell its student loan business. "When we looked at it, we have perennial issues in our ability to service that portfolio," a top executive said.

Too few lenders are underwriting unsecured consumer debt, which could help borrowers pay down credit card balances with little risk to lenders.

After nearly a decade of regulatory headaches, Discover Financial Services is looking to sell its private student loan business. Its stock jumped 4% after the news.

A London court handed a big win to Deutsche Bank and other creditors holding obscure notes issued by Lehman Brothers before its collapse.

Synchrony Financial bought Pets Best ahead of a pandemic-driven surge in the pet insurance business. Now it's selling the subsidiary for a $750 million after-tax gain.

A proposal by the Consumer Financial Protection Bureau to hide medical debt from credit bureaus zeroes in on the unfairness of medical debt, but further reducing credit scores' utility as a proxy for a borrower's ability to repay doesn't do anyone any good.