Nonbank

Independent mortgage banking and brokerage firms added a whopping 5,900 fulltime employees to their payrolls in June, according to a report issued Friday by the Bureau of Labor Statistics.

Nonbanking fees are also allowing Community Bank System in New York to be a patient acquirer even though it is creeping up on $10 billion in assets.

The linchpin of the federal government's payday lending proposal is a credit-reporting system for small-dollar loans created by the private sector, but the kinds of companies that could create it haven't stepped forward.

The Consumer Financial Protection Bureau's plan to rein in payday and other lenders has some noticeable benefits for consumers, but much of the proposal should be revised.

In an acknowledgement that many U.S. small businesses cannot qualify for a bank loan, a federal agency that assists minority-owned firms is now partnering with a pair of online lenders.

CommonBond is doubling down on the education-debt market, which has been a pocket of tranquility in an otherwise volatile online lending sector.

Some banks are looking to reenter small-dollar consumer lending now that a recent CFPB proposal has given them greater regulatory clarity. But they may need help from technology companies to make a very labor-intensive business more profitable.

Online marketplace lenders found themselves in the congressional crosshairs Tuesday just as some lawmakers are attempting to provide the industry with sought-after reforms.

WASHINGTON — The head of the American Bankers Association on Tuesday defended financial institutions' partnerships with fintech firms but argued that banks top nonbank startups in serving as "trusted custodians" for their customers' funds.

Attempting to impose the fundamental laws of a particular lending universe on another will lead to an eventual collapse of a particular firm or industry segment.