Consumer lending

JPMorgan Chase: More stimulus needed to prevent loan defaults

01/15/21

Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.

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Illinois caps interest rates on consumer loans at 36%

01/15/21

It is the 18th state to pass a law imposing rate caps on all consumer loans, including payday and car title loans.

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Affirm shares double after $1.2 billion IPO

01/13/21

The online installment lender is the latest consumer-focused tech company to see its stock price soar on the first day of trading.

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PenFed touts substantial membership, loan growth for 2020

01/13/21

The nation's third-largest credit union saw a huge lending spike in 2020, especially in its mortgage division, while membership grew by 159%, thanks in part to merger activity.

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Hammered by pandemic, consumer lender Aura shuts down

01/11/21

The San Francisco company has faced financing challenges as its customers, largely lower-income Latinos, have struggled to keep up with monthly payments.

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Early-pay providers get more clarity from CFPB (for now)

01/07/21

New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications.

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CFPB well positioned to oversee fintechs, task force says

01/05/21

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

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New York leads states’ push to overturn OCC’s ‘rent-a-bank’ rule

01/05/21

Seven states and the District of Columbia want to invalidate a new federal rule that threatens to hinder states’ power to cap interest rates on consumer loans.

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Lender Affirm seeks to raise up to $934 million in IPO

01/05/21

Affirm Holdings, which provides installment loans to online shoppers, is seeking to raise up to $934.8 million in an initial public offering, signaling last year’s record listings run is carrying over to 2021.

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How long will credit unions' respite on problem loans last?

01/05/21

Stimulus payments and deferrals have helped borrowers stay current, but lenders must brace for a capital hit when those benefits eventually run out.

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