Nonbank

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.

Banks and nonbanks should accept that more fintech regulation is inevitable, but how far regulators go will depend in part on how well companies demonstrate they are managing risk.

One of the country's largest online lenders is cutting jobs and shelving expansion plans in response to investors' rapid retreat from the beleaguered sector.

The Justice Department filed suit Thursday against Guild Mortgage, arguing the firm violated the False Claims Act by improperly originating and underwriting Federal Housing Administration loans.

Following the scandal-tinged departure of CEO Renaud Laplanche, the company is contemplating drastic steps to restore the confidence of loan buyers. Scenarios that would have been far-fetched a short time ago — such as diluting shareholders and funding loans off its own balance sheet — are now under consideration.

Google should be applauded for deciding to ban payday loan-sponsored ads. But it should tweak some of the details so legitimate lenders can still advertise.