Financial institutions

OnDeck Capital reported its fourth consecutive quarterly loss on Thursday as investors bought fewer loans and the firm was forced to make costly adjustments to its business.

A new refinance mortgage offered by SoFi and Fannie Mae lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a traditional cash-out refi.

If Sen. Sherrod Brown becomes chairman of the Senate Banking Committee, he is likely to focus on toughening rules on the biggest banks, conducting oversight of scandals like the one at Wells Fargo and granting regulatory relief to smaller institutions.

WASHINGTON — Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., are raising concerns about why independent audits of Wells Fargo's internal controls didn't discover fraudulent account openings by thousands of employees.

A market that some Ginnie Mae issuers tap to help finance their mortgage operations has a dwindling number of investors.

A Washington, D.C.-based startup that finances higher education in the U.S. for international students announced a $6 million equity funding round.

One of the nation's biggest prepaid card issuers said that it expects to lose 10% to 12% of its current revenue as a result of new federal rules governing the industry.

WASHINGTON – Sixteen Senate Democrats sent a letter to federal financial regulators on Wednesday asking them to strengthen a proposal to restrict executive compensation at financial firms.

The online lender is entering the car-loan market at a time when some banks are scaling back and regulators are sounding the alarm about deteriorating underwriting standards.

Wells Fargo appears to have offered two different reasons for why it failed to inform investors about the investigation into 2 million phony accounts. That could play a role into whether the Securities and Exchange Commission files charges against the bank for disclosure violations.

Based on questions from appellate judges on Monday morning, MetLife appears to be facing an uphill fight to defend a lower court ruling that found federal regulators erred in designating the firm as a systemically important financial institution.

Federal Reserve Gov. Daniel Tarullo defended regulators' item-by-item approach toward reining shadow banking activities, saying broader moves could be insufficiently tailored to the conditions of specific firms and activities.

A slew of recent cases of misconduct in banking – from both the investment and retail sides of the business – have eroded the trustworthiness of the entire industry, William Dudley, president of the Federal Reserve Bank of New York, said Thursday.

The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."

Rather than addressing a pressing need like an economic crisis, a fintech charter would place the federal government in the business of choosing winners and losers in a market, with the potential to distort the banking system.

The investment bank will take "a very deliberate and methodical approach" to building its online lending platform, Chief Financial Officer Harvey Schwartz told investors Tuesday, implicitly drawing a contrast to once-highflying startups like Lending Club and Propser.

Recent moves by the Consumer Financial Protection Bureau, including a plan to regulate payday lending, take away what limited credit options consumers have.

As a result of the SEC's latest reforms, today's money-market funds are very different products than their precrisis predecessors. Calls for additional layers of burdensome regulation over this industry are unwarranted.

Community banks need profit and diversification opportunities, while marketplace lenders may find mergers to be the easiest route into the banking system.

Goldman Sachs' newly launched consumer lending website is aimed at some of the very same customers that big banks and marketplace lenders covet, yet there are plenty of questions about its business plan, its ability to manage credit risk and the prospects of online lenders in general.