Economy

Affirm, a three-year-old online lender that finances consumer purchases at the point of sale, has raised a $100 million in equity funding to help it boost distribution and develop new products and services.

Regulators struck down the living wills of five of the eight megabanks under evaluation, including JPMorgan Chase, Bank of America and Wells Fargo, requiring them to submit fixes to their resolution plans by Oct. 1 or face more stringent regulatory requirements.

WASHINGTON — The House passed a bill Tuesday that would create a new bankruptcy system for large financial institutions.

WASHINGTON — The Federal Reserve Board and the Federal Deposit Insurance Corp. should rethink the review process for big banks' resolution plans, the Government Accountability Office said in a report released Tuesday.

Quicken Loans plans to appeal a recent federal labor ruling that the Detroit lender and other companies owned by Dan Gilbert violated employees' rights.

The partnership with OnDeck will allow the megabank to approve and fund loans in as little as a day, according to CEO Jamie Dimon. Meanwhile, OnDeck is eyeing similar partnerships with other banks.

Before banks are truly integrated into the digital landscape, they must break down data silos and implement steps to make data more accurate and actionable.

The New York company makes two- to three-year term loans of between $3,000 and $25,000. It is seeking to distinguish itself from other digital lenders by targeting young adults who have limited credit histories.

It's easy to get lost in the technological complexity of "application programming interfaces," but banks need to stay focused on improving business and customer outcomes, which is the ultimate goal.

Several years after regulators began developing the "net stable funding ratio," there is good reason to ask if its utility has been eclipsed by other liquidity-related rules.

Fannie Mae and Freddie Mac's experiments with selling credit risk to investors are a critical element of new plan to merge the two entities and move them out of conservatorship, but what form so-called credit risk transfers take could make a big difference.

Federal rules for technology-based firms providing the fast-moving sector certainty and consistency would be a benefit, even if rules are suboptimal.

The findings from the California Department of Business Oversight, which also included data on interest rates and delinquencies, could be a precursor to new state regulations.

In a panel featuring the four living chairs of the Federal Reserve Board, Janet Yellen said that she does not share Minneapolis Fed President Neel Kashkari's view that the biggest banks need to be broken up – but respects his opinion and the role of regional banks in the Fed system.

The bank says the partnership will improve the online experience for borrowers. It is just the latest example of banks and online lenders teaming up to speed up decision-making and win over new customers.

LAS VEGAS – Office of the Comptroller of the Currency chief Thomas Curry said Thursday that banks have reached a do-or-die moment and it is up to them to keep up and outinnovate nonbank rivals.

The housing market has been improving but mortgage credit remains "stubbornly" tight on loans bought by the government-sponsored enterprises, according to a chief housing adviser at the White House.

In a ruling that was unsealed Thursday, D.C. District Court Judge Rosemary Collyer upbraided the Financial Stability Oversight Council for disregarding its own rules in its decision to designate the insurer MetLife as a systemically risky nonbank.

The U.S. government panel that decided MetLife was too big to fail erred by not evaluating the insurer's vulnerability to financial distress, according to the federal judge who rescinded that designation last week.

Regulators and lawmakers must exercise healthy caution before granting fintech firms preemptive powers via national bank charters or otherwise.