Nonbank

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.

Within five years, a dramatic transformation of the mortgage market will force firms to expand product menus beyond mortgages to develop stronger relationships with their customers.

The large marketplace lender is turning to everyday savers as it seeks to bounce back from a damaging scandal.

Despite their slowdown in growth, marketplace lenders are still in good position to gain from the digitization of the financial services industry.