Nonbank

During a discussion Monday about the impact of technology on the financial sector, tech executives argued that banks are inefficient because they are paying six-figure salaries to employees whose jobs can be computerized.

Servicing rights are high-yielding assets, making them attractive investments for hedge funds, real estate investment trusts and banks.

With consumers generally averse to risk, financial institutions have an opportunity to rethink what it means to make bets in line with their customers' well-being.

With the purchase of Sweep, Max Levchin's firm is betting that daily engagement with consumers will pay long-term dividends.

CommonBond, an online lender that specializes in student loan refinancing, announced Monday that it has sold $150 million of bundled loans to investors.

The prepaid card industry is ramping up its advocacy efforts on Capitol Hill as the Consumer Financial Protection Bureau readies a final rule targeting such products.

Illinois, California and New York are all taking initial steps to try to crack down on borrower abuses in the fast-growing digital lending marketplace. The states are facing pressure to intervene because federal agencies have yet to take decisive action.

Traditional banks are not likely to match the nimbleness of a fintech startup for a whole variety of reasons. But that doesn't mean all is lost.

An online student loan refinancing business that was recently spun off from a Virginia bank has been rebranded as Purefy Inc.

To tackle alternatives to payday lending, regulators and the industry should consider these three ideas for pilot programs instead of the Consumer Financial Protection Bureau trying to fix what it cannot.

Community banks are at a crossroads as they face a threat from alternative lenders and the need to stay true to the traditional bank model. What they should do?

WASHINGTON — Several Democratic senators are calling for the Government Accountability Office to investigate whether financial technology companies are properly regulated.

Suddenly, online lenders are struggling, or paying higher prices, to attract the institutional money that has fueled their rapid rise.

Retail banks must reinvent the way they charge consumers for their services at a time when institutions are struggling for profitability.

Quicken Loans plans to appeal a recent federal labor ruling that the Detroit lender and other companies owned by Dan Gilbert violated employees' rights.

The partnership with OnDeck will allow the megabank to approve and fund loans in as little as a day, according to CEO Jamie Dimon. Meanwhile, OnDeck is eyeing similar partnerships with other banks.

Before banks are truly integrated into the digital landscape, they must break down data silos and implement steps to make data more accurate and actionable.

The New York company makes two- to three-year term loans of between $3,000 and $25,000. It is seeking to distinguish itself from other digital lenders by targeting young adults who have limited credit histories.

It's easy to get lost in the technological complexity of "application programming interfaces," but banks need to stay focused on improving business and customer outcomes, which is the ultimate goal.

Federal rules for technology-based firms providing the fast-moving sector certainty and consistency would be a benefit, even if rules are suboptimal.