Lending

The Federal Housing Administration's new loan defect "taxonomy" may give lenders better clarity on the quality assurance reviews of FHA loans, but it's not a shield from possible enforcement action by the Department of Justice and other regulators.

Marketplace lending represents a new subset of competitors for credit unions. As investment dollars flood into the alternative lending sector, fueling the rapid growth of early entrants such as Lending Club, lots of smaller online loan platforms are also popping up. Many of these new firms are specializing in narrow lending niches, touting their expertise in underwriting particular forms of credit. Here’s a rundown of some of these specialties.

When the Supreme Court agreed to hear a Texas "disparate impact" case last year, many financial institutions hoped it would end the use of the divisive legal theory used by regulators and other authorities. But the court's Thursday decision, by contrast, appears to strengthen the government's hand.

The CFPB is helping to reshape mortgage and payday lending, but its attempts to curb abuses in auto lending have been largely stymied by car dealers and the fragmented nature of auto finance.

SECU of Maryland has licensed Rate Reset to allow members to "reset" loan rates without going through a formal refinancing process.

Senate Democrats are urging regulators to investigate potential discrimination in how financial institutions handle and market foreclosed homes.

Nonbank lender HomeBridge Financial Services has lifted the curtain on a new mortgage platform aimed at community banks and credit unions.

After publishing 1,888 pages detailing new mortgage disclosures, the Consumer Financial Protection Bureau's failure to file a required two-page form with Congress on time forced a delay of the rules' effective date.

In what would be the first comprehensive rewrite of its member business lending regulation since 2003, the NCUA Board unanimously approved a proposed series of changes that would make it markedly easier for CUs to lend to businesses.

After months of refusing industry and legislative calls to delay combining the requirements of two mortgage disclosure laws, the Consumer Financial Protection Bureau announced a two-month delay.

Six banks including JPMorgan Chase and Wells Fargo have been placed under further business restrictions after the Office of the Comptroller of the Currency determined they had yet to fully meet regulatory orders related to the independent foreclosure review which began in 2011.

Department of Housing and Urban Development Secretary Julian Castro touted the Federal Housing Administration's recent improvement on Thursday, saying it was on a trajectory to hit its statutory capital minimum and had recently seen a "significant uptick in refinancings."

The $65 million-asset ADP Federal Credit Union in Roseland, N.J., and the $28 million-asset Members Credit Union in Cos Cob, Conn., both have implemented the GrooveCar Direct product.

The Spanish-language TV channel Univision has launched a new online small-business lending platform.

More than a dozen housing groups joined with the credit union trade association to urge lawmakers to pass legislation that would grant lenders a formal grace period for implementing new disclosure forms later this summer, arguing that the industry needs greater certainty than the Consumer Financial Protection Bureau has so far provided.

Nearly a year after they first announced their intention to combine, the Home Loan Banks of Des Moines and Seattle completed last week the first voluntary merger in the system's history.

Demand for automobile loans has soared to new levels, Equifax said in a Thursday report. Meanwhile, delinquencies of 60 days or more have hit their lowest point in nearly a decade.

ElecTel Cooperative FCU here celebrated National Donut Day Friday with a "Hot Loans Now" promotion for personal loans that pulled in more than $560,000. Rates started at 1.99% for one year, 2.99% for two years and 3.99% for three years, and the credit union did not put a cap on how much members are eligible for.