Consumer lending

Amid fears of a recession, industry observers will be on the lookout for signs of distress in credit cards and auto loans. One analyst said "the positive trends we've been seeing are starting to erode, and the pressure is going to start building."

Tally Technologies, a startup that automates credit card payments, has tripled its valuation to $855 million in a funding round led by Sway Ventures.

The Biden administration was accused in a lawsuit by six Republican-led states of overstepping its authority with a plan to forgive federal student loans.

President Biden's loan forgiveness plan will wipe out about one-third of student debt owed to the federal government, with lower-income borrowers and those living in Southern states getting the biggest boost, according to analysis by the Federal Reserve Bank of New York.

President Biden's decision to forgive some federal student debt will cost at least $400 billion over 10 years, the Congressional Budget Office estimated, which would wipe out the $238 billion in deficit reduction from his tax and climate plan. 

The online lender approved Black applicants at lower rates than non-Hispanic whites, according to a law firm that monitors its artificial intelligence models. Upstart said it's an industry leader in fair lending but acknowledged room for improvement, calling disparities "an industry-wide challenge."

So far this year, banks have reported that borrowers continue to repay their loans and delinquency rates remain low. But there are signs that this may change.

Verve has offered its pumpkin spice loan since 2014 as part of a full menu of themed products.

A federal judge found last year that a credit reporting dispute did not have to be investigated because the consumer's complaint was frivolous. The Consumer Financial Protection Bureau and the Federal Trade Commission argue that the decision undermines a key purpose of the Fair Credit Reporting Act.

The purchase of College Raptor would provide the Rhode Island bank with tools that students and their families can use to compare financial-aid packages. Citizens is one of several U.S. banks with a sizable business in private student lending.

An appeals court ruled that the electronic delivery of private information that was not made public did not constitute real harm to the consumer.

The country's agricultural industry is struggling with rising costs, disrupted shipping routes and bombed-out crop fields. The Ukraine Agricultural Loan Reimbursement Program offers to ease the pain by covering 10% of principal payments for ag loans.

Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.

The Charlottesville, Virginia-based bank, which called off a merger this year after regulators raised concerns, said it "continues to cooperate" with the Office of the Comptroller of the Currency to improve its management of fintech partnerships.

Marcus and Upstart are two companies that got high marks for customer satisfaction from J.D. Power but rely on digital methods to reach and underwrite borrowers.

The state Supreme Court heard oral arguments in a lawsuit involving one of the nation's largest debt buyers. At issue is how much detail the industry must disclose about what consumers allegedly owe.

The financial industry is offering loans for solar energy projects, carbon emission trackers, green mortgages and cash-back incentives to help customers go green.

A decade ago, Think Finance partnered with Native American tribes in an effort to avoid state interest-rate caps on consumer loans. After the company's legal woes finally ended this month, court documents shed light on its rapid rise and steep fall.

Sen. Elizabeth Warren, who lobbied hard for President Biden to forgive $50,000 in student loan debt per borrower, said his much smaller plan can still address racial and gender wealth inequality and help tame inflation.

President Biden's plan to provide relief for student loan borrowers will cost about $24 billion per year, the White House now says, a figure markedly lower than private estimates.