Nonbank

WASHINGTON — Big banks have drastically reduced their share of the Federal Housing Administration market, a massive shift that has big implications, according to new analysis by the American Enterprise Institute.

The court's decision to return Madden v. Midland Funding to a lower court leaves unresolved a number of important questions for marketplace lenders and other parts of the consumer-finance industry.

In a setback for the U.S. consumer finance industry, the Supreme Court said Monday that it will not review a lower court's decision that bolstered the ability of states to enforce bans on high-cost lending.

Kabbage is licensing its digital lending technology to one of Canada's largest banks, which plans to offer an online application process to small businesses.

Prosper Marketplace is rolling out a revamped website that is designed to make loans it sells more attractive to individual investors.

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.

Well before the mobile payments explosion, incumbents were already focused on how to respond to nonbanks "piggybacking" on banks' payments infrastructure. As the consultant behind a 1994 banking industry report on the threat put it, "there is no time for delay."

TCF Financial in Minnesota has launched a set of products targeting low-income customers. The company, which has closed a fifth of its branches in recent years, hopes underbanked clients will boost traffic at its remaining locations.

The Obama administration and an independent federal banking agency are advising the Supreme Court not to review a lower-court ruling that has roiled the marketplace lending sector and caused consternation throughout much of the consumer finance industry.

During the ascension of marketplace lending, banks responded to the competitive threat in several different ways. Now some banks are better positioned than others to take advantage of the online sector's recent woes.

WASHINGTON — Seven financial trade groups announced Monday that they are banding together to push legislation that would extend banklike data security standards to retailers and nonbank businesses.