Nonbank

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.

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.

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.

It's official: Goldman Sachs, the Wall Street investment banking titan, now offers consumer loans.

The new prepaid rules make it harder for bad actors to enter the industry while also being broad enough to apply to future digital products.

The Consumer Financial Protection Bureau’s new regulation governing prepaid cards will disrupt consumer practices, drive up costs and wreak havoc on a fast-growing sector within the payments industry.

The Federal Trade Commission took a victory lap Tuesday in its fight with race car driver Scott Tucker and his payday lending operation.

Prosper Marketplace is closing the secondary market for its loans, citing a lack of demand among investors.

WASHINGTON — More than one hundred House Democrats sent a letter to Consumer Financial Protection Bureau Director Richard Cordray on Wednesday calling for the agency to strengthen its proposal to rein in payday lending.

Gary "Litefoot" Davis, a member of the Cherokee Nation in Oklahoma and a music and on-screen personality, was named executive director of the Native American Financial Services Association.

A top CFPB official said Monday that lenders have adjusted their business models and practices to comply with new rules, while MBA CEO David Stevens called on the Federal Housing Administration to clarify its underwriting standards.

The Consumer Financial Protection Bureau can determine nearly anything to be an unfair, deceptive or abusive act or practice, and it's more likely to do so when lenders try to take advantage of regulatory loopholes.

With new fintech investments tapering off and banks starting to get the hang of digital innovation, young companies need to take a hard look at their business models.

A fintech startup called Point is allowing consumers sell a piece of their home equity to investors, rather than borrowing against the value of their houses.

Lending Club, which has been rebuilding its executive ranks in the wake of a recent scandal, is hiring Thomas Casey as its chief financial officer.