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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.
May 16
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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.
May 12
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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.
May 11
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Consumer Financial Protection Bureau Director Rohit Chopra is pushing the envelope of the bureau's power and jurisdiction in untested ways. More companies are disputing the CFPB’s allegations, refusing to pay large fines or admit wrongdoing, and vowing to defend themselves in court.
May 11
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The CEOs of both Upstart and Oportun said this week that while they will maintain their existing interest rate limits, some higher-risk customers will no longer qualify for their loans as borrowing costs rise.
May 10
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On Dec. 31, 2021. Dollars in thousands.
May 9 -
GradFin offers advisory services to Americans who want assistance with their student loans. The acquisition is part of the Cleveland bank’s strategy of adding niche digital businesses.
May 9
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On Dec. 31, 2021. Dollars in thousands.
May 9 -
The Consumer Financial Protection Bureau filed more actions against redlining and discriminatory practices in 2021 and is skeptical that that predictive analytics will reduce bias.
May 6
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During the pandemic, consumer lenders have found it easier to collect payments because the federal student loan moratorium has made many borrowers more liquid. A plan for blanket forgiveness reportedly under consideration by President Biden could sustain that trend.
May 3
