Consumer lending

The deal is the latest example of a mainstream bank buying a point-of-sale lender focused on financing home improvement projects.

Customers are ramping up borrowing just as interest rates are poised to rise. That combination “sets us up nicely for 2022,” says CEO Brian Moynihan.

Under an agreement with 40 state attorneys general, the student lender and servicer agreed to cancel debt for over 66,000 borrowers and pay restitution to another 350,000 borrowers placed in certain types of forbearance.

OneUnited's new installment-loan product is meant to break customers out of a cycle of debt. It will compete with similar offerings from heavyweights like Wells Fargo, Bank of America and Huntington.

The CFPB sued three executives of a Colorado debt collection firm for allegedly selling debts to third-party collectors who threatened consumers with arrest, jail or lawsuits in order to get paid.

The consumer agency’s latest data analysis takes issue with how Equifax, Experian and TransUnion have dealt with a deluge of grievances. One analyst called it a “starting point” for stricter regulations and enforcement actions.

The credit bureaus plan to add repayment data for installment loans, a move that can inform credit decisions and help answer regulators' questions about how such borrowing affects consumers' financial health.

Yan Zhao, President of NYDIG as she exploreshow Bitcoin is experiencing wider adoption in the traditional finance world, and why that is.

President Biden extended the pause on federal student loan repayments by another three months as the U.S. faces a fresh wave of COVID-19 cases from the omicron variant, removing a near-term threat to millions of Americans’ finances.

The Consumer Financial Protection Bureau sued LendUp in September, alleging that the digital payday lender consistently misled customers about the benefits repeatedly using its loan products.