Consumer lending

The nation’s six largest credit card companies are facing questions from the Consumer Financial Protection Bureau over their alleged failure to report customer payment data on a regular basis. The agency says that the industry’s practices can hurt consumers’ ability to qualify for cheaper loans.

Companies that use artificial intelligence or machine learning in their loan decisions are legally required to provide a specific explanation when applications get denied, the Consumer Financial Protection Bureau said in a policy statement.

Royal Bank of Canada posted earnings that topped analysts’ estimates as business loans and solid credit conditions powered its retail banking business.

The bureau’s new office of competition and innovation will promote competition, host events and seek to make it easier for consumers to switch financial providers.

The Swedish buy now/pay later company Klarna Bank saw its borrowing costs rise to their highest level on record as rising rates hit the company’s debt and equity valuation. 

Strong spending trends, combined with a reduction in card repayment rates, contributed to 17% loan growth last month. The data suggests that rising fears of a recession aren’t yet changing consumers’ behavior.

While red states like Florida have embraced the cryptocurrency industry, officials in New York and Illinois are taking action on Democratic Party priorities such as diversity and climate change. Here's a look at some hotbeds of innovative policymaking.

A 2019 state law limits annual interest rates on many loans to 36%, but some high-cost lenders have found a way to continue operating in California by partnering with banks. Now Democratic legislators want the Federal Deposit Insurance Corp. to take action.

Millions of U.S. students just found out how much they’ll have to pay on student loans for the coming school session — and it’s a lot more than last year.

The San Francisco-based online lender originated more than $2 billion in personal loans during the first quarter, a big jump from a year earlier. The surge made up for softness in the company's home loan and student loan businesses.