Consumer lending

The regional banks are moving past old-school collection calls, instead using emails, texts and on-screen messages to urge delinquent customers to repay debt. Modern communications are said to be more efficient and in keeping with Consumer Financial Protection Bureau debt-collection rules set to take effect Nov. 30.

Mainstream lenders have long been reluctant to make short-term consumer loans because the costs involved make them expensive for borrowers. Upstart says its technology will enable partner banks to offer loans at annual percentage rates below 36%.

U.S. consumers’ card debt, which fell sharply last year, has now climbed for two consecutive quarters. The upcoming holiday shopping season will signal how quickly borrowing will return to 2019 levels.

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.

Accrue Savings is introducing a savings account that is tied to specific retailers, allowing customers to gradually accumulate the amount they need to buy an item and earn cash rewards for making progress toward their goals.

A partisan split at a congressional hearing offered a preview of coming regulatory debates over the nascent sector. One key question is whether the consumer bureau will impose ability-to-repay requirements on installment lenders.

The relaxation of Community Reinvestment Act and fair-lending enforcement by the OCC after President Trump took office deprived minority and low-income applicants in Memphis who sought credit from the bank for far too long.

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.