Consumer lending

The fintech Sezzle has finally received its point-of-sale lending license in California after agreeing to refund consumers in the state and pay a penalty for previously making illegal loans there, the California Department of Business Oversight said Thursday.

The fintech Sezzle received its license after agreeing to refund customers and pay a fine for previously making loans that state regulators had deemed illegal.

Roughly a decade after being burned by the most punishing financial crisis since the onset of the Great Depression, it's increasingly clear that the nation's largest lenders are targeting a narrower slice of consumers: The wealthy and those with excellent credit.

Fears that the New York banking giant’s consumer lending product could cut into a key credit union market appear to have been overblown.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

The New York bank said Wednesday that its first-ever credit card has brought in nearly $2 billion of loans in less than six months.

Brian Moynihan said banks must be mindful of pricing and risk as they contend with lower yields on loans and securities.

In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.

The proposal announced Tuesday is aimed at attracting younger voters.