News Topic: Consumer lending

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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

Several consumer advocacy organizations have urged the Office of the Comptroller of the Currency to deny the online lender's application for a national bank charter, citing concerns about its lending and debt-collection practices. ... Read full article

The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options. ... Read full article

With one study showing consumers racking up additional credit card debt this season, some members may be eager to consolidate their balances in the year ahead. ... Read full article

Underpinning the technology with mathematically sound models can make a better case to consumers and regulators for why a loan applicant was denied. ... Read full article

The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies. ... Read full article

Demand for home purchases and car loans would need to increase substantially to make up for what's expected to be a sharp drop in refinancing revenue. ... Read full article

The $10 billion portfolio of what are described as high-quality private student loans will be serviced by Nelnet. ... Read full article

The latest monthly Trends Report from CUNA Mutual Group showed October's year-over-year membership growth rate was the slowest since the fall of 2014. ... Read full article

The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank. ... Read full article

The president-elect’s plan to eliminate $10,000 of debt would help borrowers meet other loan obligations, reducing their risk of default. Yet the banking industry seems wary of the precedent it could set. ... Read full article

The Consumer Financial Protection Bureau alleges that the online lender made loans that exceeded a federal cap on interest rates for active-duty service members. ... Read full article

The California company, which filed an application Monday with the Office of the Comptroller of the Currency, is following a path charted by Varo Money and SoFi. ... Read full article

The median credit score for new mortgages and refinancings climbed to 786 during the third quarter, its highest level in more than two decades, according to a report from the New York Fed. ... Read full article