Consumer lending

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.

The agreement resolves a lawsuit over consumer loans that had annual percentage rates as high as 198%. Chicago-based OppFi denied allegations that it engaged in unfair lending practices.

Ant Group said it is repositioning its most popular consumer credit service to stand out from products offered by banks, its latest step in a regulatory-driven overhaul.

The regional banks are moving past old-school collection calls, instead using emails, texts and on-screen messages to urge delinquent customers to repay debt. Modern communications are said to be more efficient and in keeping with Consumer Financial Protection Bureau debt-collection rules set to take effect Nov. 30.