Consumer lending

The Consumer Financial Protection Bureau has fined a California-based lead aggregator and its owner hundreds of thousands of dollars for allegedly directing consumers toward illegal loans that would be void in their states.

The company said it could use the proceeds to fund acquisitions and to make more loans.

Snap Finance provides credit at the point of sale, primarily to consumers with bad credit.

It sounds like a crazy mix, but Fifth Third says its new app would help young consumers round up debit card purchases and apply the money to their burdensome student debts. The motivation to attract millennials is clear, but will it work?

The largest generation of Americans is set to inherit over $59 trillion in assets, but the federal financial regulators are behind in hiring millennials and focusing on issues of concern to them.

An artificial intelligence model predicted creditworthiness more accurately than traditional models in an experiment conducted by the auto lender. The technology someday could be used to find hidden gems among loan applicants — emphasis on the someday.

JPMorgan Chase's Amber Baldet shares how she got interested in technology; Credit Suisse’s Laura Hemrika talks microfinance; and a few of our Best Banks to Work For have female CEOs.

The largest generation of Americans is set to inherit over $59 trillion in assets, but the federal financial regulators are behind in hiring millennials and focusing on issues of concern to them.

Consumer Financial Protection Bureau Director Richard Cordray said his possible political ambitions did not affect the small-dollar rule, while declining to spell out if he was running for office.

The Pay It Plan It feature allows customers to create payment plans for individual purchases, similar to personal loans. The plans include a fixed fee and no interest.

As Republicans policymakers pursue efforts to revamp the Consumer Financial Protection Bureau and replace its leadership, state agencies are already preparing to fill any vacuum that might ensue if the CFPB steps back.

Following short-term disruptions from Harvey, Texas bankers expect a long-term lift to the local economy; Buffett’s company officially becomes the bank’s largest shareholder.

Sure, personal loans have a long way to go to catch up in market share with other forms of consumer credit, but millennials are relying more heavily on them than their Gen X predecessors while paring back on credit cards and mortgages. Online lenders are a big reason, and banks are exploring ways to adjust to changing habits.

The Canadian bank blamed flat profits at its U.S. business, which includes Chicago-based lender BMO Harris Bank, partly on Washington gridlock that has stalled pro-business reforms.

The startup, which offered credit lines of up to $1,000, hoped to tap into the millennial generation's frustration with overdraft fees.

The Consumer Financial Protection Bureau’s likely decision to pare back its final rule on small-dollar lending may help guard it against a congressional rollback and pave the way for bankers to return to the space.

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, wrote a letter to CFPB Director Richard Cordray calling on him to clarify whether he is running for political office.

In the coming year, bankers in Puerto Rico will need to keep an eye on how steep cuts in government spending will affect the island’s consumers, says José Rafael Fernández, CEO of OFG Bancorp.

CFPB and OCC are looking at auto lenders’ policies regarding so-called GAP insurance; banks want greater collateral from retailers.

Powell downplayed fears about subprime auto lending, saying he aims to improve Santander Consumer's compliance culture, beef up customer services and expand its relationship with Chrysler Capital.