Consumer lending

The latest monthly Trends Report from CUNA Mutual Group showed October's year-over-year membership growth rate was the slowest since the fall of 2014.

The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank.

The percentage of seriously delinquent loans hit 5.8% in the third quarter, up from 1.5% a year earlier but down from 6.8% in the second quarter.

A group that includes the private equity firms Apollo Global Management and Blackstone Group is in talks to acquire Wells Fargo’s student loan portfolio, according to people familiar with the matter.

The president-elect’s plan to eliminate $10,000 of debt would help borrowers meet other loan obligations, reducing their risk of default. Yet the banking industry seems wary of the precedent it could set.

The Pittsburgh company also sold a portfolio of indirect auto loans and repaid a large amount of Federal Home Loan Bank borrowings.

The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner.

The Consumer Financial Protection Bureau alleges that the online lender made loans that exceeded a federal cap on interest rates for active-duty service members.

Jobs will be harder to find for graduates, and there are new underwriting platforms that can better predict students' future income in their chosen field.

The California company, which filed an application Monday with the Office of the Comptroller of the Currency, is following a path charted by Varo Money and SoFi.

The median credit score for new mortgages and refinancings climbed to 786 during the third quarter, its highest level in more than two decades, according to a report from the New York Fed.

Jobs will be harder to find for graduates, and there are new underwriting platforms that can better predict students' future income in their chosen field.

On Jun. 30, 2020. Dollars in thousands.

On Jun. 30, 2020. Dollars in thousands.

The Federal Housing Administration said in its annual actuarial report that the capital reserve ratio on its mutual mortgage insurance fund increased to 6.10% in fiscal year 2020, up from 4.84% a year earlier.

Demand trends were mixed in the third quarter, with consumers showing more willingness than businesses to take on new debt, according to the Fed’s most recent survey on bank lending practices.

JPMorgan Chase is going on the “offensive” in mortgages as home prices rise across the country, said Marianne Lake, the bank’s chief executive for consumer lending.

The agency's "no-action" letter is intended to provide more regulatory certainty for the bank after it announced a short-term credit product available to checking account customers next year.

Referendums that legalized marijuana and sports wagering in several states could incentivize banks to do business with companies in these sectors. Payday loan and privacy measures that passed Tuesday also have implications for the industry.

The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution.