Consumer lending

Steve Steinour, the Ohio bank’s CEO, said the slowdown in car manufacturing due to the global chip shortage will continue to stifle loan demand in the months ahead.

The card network is working with new partners such as FIS and Moneris to connect banks, fintechs and merchants on its Visa Installments Solution platform. Its goal is to provide access to a broader spectrum of consumers than these companies can reach in one-off deals, CEO Al Kelly said.

Trustmark Bank agreed to pay $9 million to resolve allegations that it discriminated against Black and Hispanic residents in Memphis, Tennessee. Attorney General Merrick Garland said the Department of Justice and other agencies will continue their crackdown.

The industry is prioritizing Black and Hispanic consumers in the interest of social equity and to tap new markets amid declining refinance volume and rising rates.

Goldman Sachs, Truist and Regions have all made deals to acquire home improvement lenders. Here's why their executives are so bullish on the sector.

The technology from the San Francisco loan software company will pre-populate loan applications with payroll and tax data from multiple sources.

Trade groups are challenging a provision of the CFPB’s payday lending rule that limits lenders’ ability to withdraw funds from a consumer's bank account after two consecutive failed attempts.

As the expiration of a national eviction moratorium puts economic pressure on low-income households, the Consumer Financial Protection Bureau is said to be considering investigating credit bureaus, debt collectors and large landlords accused of harming renters. But some argue the agency would be overreaching.

Banks, credit card issuers and debt collectors all supported the Consumer Financial Protection Bureau’s revised regulations. But they face a steep learning curve in complying with the rules, which take effect Nov. 30.

The Silicon Valley consumer lender first applied to become a national bank during the Trump administration. But the bid stalled amid criticism from consumer advocates and a leadership change at the OCC.

Senate Majority Leader Chuck Schumer said he planned to move Tuesday to file a discharge petition to move Chopra’s nomination out of the Senate Banking Committee and onto the Senate floor.

The Chicago City Council approved a measure to boost transparency around the lending practices of the city’s banks and help address homeownership disparities in the nation’s third most-populous city.

Capital One Financial will test a new buy now/pay later service as consumers flock to the options that let them split up a purchase and pay it off over time.

Monzo Bank is planning to launch a buy now/pay later service, entering the growing online market for short-term consumer loans, according to a person familiar with the matter.

The consumer bureau is suing the online lender for allegedly violating a 2016 consent order involving its marketing claims. Acting Director Dave Uejio said the company doubled down “after getting caught the first time.”

The market for short-term installment credit is growing among millennials and Gen Z consumers who distrust credit cards. Banks are letting a golden opportunity slip away.

Earlier this summer, bankers sounded upbeat about Americans’ purchasing patterns, particularly in connection with loan growth in the credit card business. But more recent data suggests that the delta variant is taking a toll on consumer confidence.

A lawsuit filed by Attorney General Maura Healey last year said Credit Acceptance Corp. in Michigan made predatory loans to Bay State borrowers and used deceptive practices to collect debt.

Mos, a student financial-aid startup backed by investors including Sequoia Capital and the rap star Jay-Z, is venturing into banking.

The Chicago subprime lender had previously warned that regulators were investigating its military lending practices. Its stock price rose by about 9% after the disclosure that the probe has wrapped up.