Consumer lending

On Dec. 31, 2021. Dollars in thousands.

GradFin offers advisory services to Americans who want assistance with their student loans. The acquisition is part of the Cleveland bank’s strategy of adding niche digital businesses.

On Dec. 31, 2021. Dollars in thousands.

The Consumer Financial Protection Bureau filed more actions against redlining and discriminatory practices in 2021 and is skeptical that that predictive analytics will reduce bias.

During the pandemic, consumer lenders have found it easier to collect payments because the federal student loan moratorium has made many borrowers more liquid. A plan for blanket forgiveness reportedly under consideration by President Biden could sustain that trend.

Some deficit hawks worry such a move could worsen the inflation that is already weighing heavily on Democrats’ chances of maintaining control of the House and Senate. But that dollar amount may not go far enough to appease progressives.

Bankers object to the Consumer Financial Protection Bureau's request on “exploitative junk fees” that produce billions in income for financial institutions, arguing that banks are compliant with statutes that require fees be disclosed to customers.

The Cleveland bank, which currently charges around $33 when customers spend more than they have in their accounts, is planning a series of overdraft-related reforms. Key follows numerous other large and midsize banks that have taken similar steps.

President Biden said he’s considering a plan to relieve student debt in the coming weeks, but that it would fall short of the sweeping forgiveness sought by Senate Majority Leader Chuck Schumer and progressive Democrats.

The Consumer Financial Protection Bureau director told Congress he will revise some rules as the bureau looks to address late fees.