Nonbank

Consumers deserve disclosure and the protections enjoyed by payroll card users, but it is critical that regulations do not put providers out of business.

The OCC might also open up an outpost "where the tech firms are," the Comptroller of the Currency said Tuesday.

Renaud Laplanche, the LendingClub founder who stepped down as its leader in a shakeup last month, sold off part of his stake in the company, according to a regulatory filing.

Nonbanks now set the digital banking experience bar, but in less than a decade large banks will have swallowed them up and will have become digital financial superstores.

State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.

Lending Club has revised its loan sales data for the last week of May after discovering that the numbers included loans that it actually bought itself.

The federal agency expressed skepticism about industry-developed standards Thursday, suggesting that there is currently no way to enforce the rules or punish bad actors.

With its very survival at stake, the San Francisco-based marketplace lender is balancing key priorities that are sometimes in conflict with each other.

While existing state laws show that payday lending curbs lead to positive outcomes, those laws will still benefit from a strong Consumer Financial Protection Bureau rule.

The idea that restricted access to loans for poor-credit borrowers is unequivocally a bad thing is based on industry talking points that don't stand up to real-world scrutiny.