Consumer lending

The nation's largest credit union allegedly engaged in racial discrimination resulting in calls for further investigations and regulations. Had Navy Federal been subject to the Community Reinvestment Act it may have avoided this problem.

The consumer lender CURO Group says that its agreement with bondholders gives it a 30-day grace period, and that negotiations on a broader restructuring are continuing. The company has lost money in recent years as it shifts away from traditional payday lending to larger installment loans.

Car loan delinquencies are worsening across all age groups and income levels, as high interest rates and elevated car prices take a toll, according to the New York Fed. But executives at some large auto lenders remain relatively confident about their customers' ability to stay afloat.

Characterizing them as 'schemes' unfairly impugns a service that cash-strapped consumers value and have come to count on.

The Independent Community Bankers of America, American Bankers Association and other groups filed a lawsuit arguing that recent reforms to implementing regulations for the Community Reinvestment Act exceed statutory authority.

With tougher capital requirements looming, a number of regionals including U.S. Bancorp, Huntington and Santander are using these new instruments to share risk with nonbank investors and lighten their capital load. Experts point out the pros and cons.

People should have the option of having their rent and utilities payment history reported to credit bureaus in order to build up their credit history.

Banks need to reckon with the explosive rise of legal online wagering and the addicts left in its wake.

The private student loan market is in flux after one major lender, Discover Financial Services, said it's leaving the sector. Sallie Mae is gearing up to compete for that business, much as it did when Wells Fargo pulled up stakes in 2020.

The private equity firm Caryle is buying a $415 million student loan portfolio from Truist Financial. It's also investing in a nonbank student lender called Monogram that works with banks and credit unions.

The credit card issuer said it's "cautiously optimistic" about its borrowers' financial health, with charge-offs expected to rise not much further than pre-pandemic levels. The upbeat outlook contrasts with a key competitor's guidance of significantly higher losses.

The CFPB is well within its authority to make these changes, which will increase the availability of credit to many Americans.

Investors drove up the stock prices of both companies after Ally Financial said it's selling its point-of-sale lending business to Synchrony Financial. The deal is expected to help Ally focus on its bread-and-butter auto lending business, while also aiding Synchrony's efforts to gain market share.

As part of a settlement with the Justice Department, Patriot Bank must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.

Personal spending chugged along in the fourth quarter, thanks to the resilient job market. But loan charge-offs rose, and higher interest rates suppressed loan demand, executives say.

Funding pressures moderated in recent months, but loan charge-offs climbed. With festering concerns about a vulnerable economy, the potential for elevated credits costs could loom large over the upcoming bank earnings season.

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

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.