Nonbank

College Ave Student Loans, an online lender in Wilmington, Del., announced Thursday that it has raised $20 million in equity financing.

Chargeoffs jumped 13% at the Dallas lender, and its warning that they could increase further because of deterioration in subprime auto lending set off alarm bells about the broader consumer finance market.

Bank of New York Mellon has become a big believer in reverse mortgages, particularly home equity conversion mortgages insured by the Federal Housing Administration.

The way the Consumer Financial Protection Bureau is regulating the auto finance industry's relationships with dealers is simply wrong — both legally and ethically — according to Blair Evans of Baker Donelson. It's also directly counterproductive to its goal of protecting consumers, she says.

Opus Bank in Irvine, Calif., is the latest bank to partner with an online lender, announcing an agreement Thursday to refer certain small-business customers to OnDeck Capital.

LendUp, which makes subprime consumer loans online and over mobile phones, announced Wednesday that it has raised $50 million in equity funding, plus an additional $100 million in debt financing.

BlueVine, a Palo Alto, Calif., firm that is aiming to modernize the invoice-financing business, announced a new fundraising round on Wednesday.

LoanHero, an online lender specializing in consumer loans at the cash register, announced that it has raised $2.5 million in seed funding.

Online lenders like Aprenita, Payability and Pollen VC have all launched within the last 13 months to fill a need they say is not being met by traditional banks, and only partially by venture capitalists and invoice-financing companies.

Fundation Group, an online small-business lender, has hired an industry veteran as its first chief operating officer.