Nonbank

Lending Club, Prosper Marketplace and Funding Circle are locking arms to create a new trade group that will represent the marketplace lending industry in Washington.

Banking industry representatives immediately raised significant questions about Donald Trump's plan to block remittances to Mexico, including the appropriateness of using financial institutions as a tool to carry out immigration policy, as well as how the policy would be executed.

GOP lawmakers and witnesses at a Senate Banking Committee hearing pointedly criticized the Consumer Financial Protection Bureau on Tuesday, setting the stage for a likely contentious hearing with the agency's director later in the week.

As more employers offer student loan repayment assistance to their workers, lenders that specialize in refinancing debt — like Citizens Financial and SoFi — see an opportunity to reel in more customers.

JPMorgan Chase has agreed to sell its U.S. Department of Agriculture Rural Development mortgage origination business to Freedom Mortgage of Mount Laurel, N.J.

The former head of the FDIC has a longstanding interest in small-dollar consumer lending.

The Dallas-based subprime consumer lender backed off controversial changes to its method for calculating its quarterly provisions for loan losses, forcing it to revise earnings downward for the last two years. It also announced that it had found more accounting issues.

The payments pioneer is transforming its merchant cash advance into a business loan, a move that has significant legal and regulatory implications.

The ability to program value exchanges without risk of censorship, moderation or theft gives smart contracts a leg up in servicing users who lack a mainstream banking association.

WASHINGTON — Congress should consider streamlining the financial regulatory structure and give the Financial Stability Oversight Council broader authority to respond to systemic risks, according to a Government Accountability Office report published this week.