News Topic: Consumer lending

The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills. ... Read full article

Delinquencies have been ticking up since the start of the coronavirus pandemic and Capital One is warning of more pain unless the government provides additional relief to tenants and landlords. ... Read full article

Other regionals set more aside for loan losses than the Cleveland bank did in the second quarter, and its ratio of reserves to total loans is slightly lower, too. But Key executives say the portfolio is balanced and holding up well despite the pandemic’s ... Read full article

Banking and credit reporting groups say such an agency could politicize the reporting process. Consumer groups say it would offer consumers a necessary alternative. ... Read full article

Trump-appointed regulators gave the industry the green light to offer installment loans during the pandemic. But with concerns that the light could turn red in 2021, bankers remain extra cautious. ... Read full article

The Pittsburgh bank says fewer borrowers are asking for help and that many borrowers who received assistance are making payments again. But with the coronavirus pandemic still raging in much of the country, CEO William Demchak and other bankers are ... Read full article

Net charge-offs fell at Citigroup and Wells Fargo, thanks to forbearance and federal stimulus. Leaders of those banks are warning that delinquencies could rise once the benefits of those programs wear off. ... Read full article

The Australian firm, best known for financing online purchases, is rolling out interest-free, point-of-sale loans at cash registers that it says could help U.S. merchants boost flagging sales. ... Read full article

If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank. ... Read full article

The Paycheck Protection Program propped up many banks' balance sheets in the first half of the year, but what will drive loan demand in the second half? ... Read full article

Goldman Sachs, the card’s issuer, has rolled out a new program in which it will provide personalized advice to consumers with marred credit profiles in hopes of making them customers down the road. ... Read full article

The agency wants more timely information on the banks it supervises; investors filed a criminal complaint against Ernst & Young, calling their work “a disaster” for failing to expose the scandal. ... Read full article

Some observers said the central bank should have suspended dividends entirely in response to an unprecedented economic emergency caused by the pandemic. Others said its more cautious moves were appropriate because big banks' capital is strong and the ... Read full article

Top executives from Citigroup and Goldman Sachs offered warnings Wednesday about why the U.S. economy may be slow to bounce back from the coronavirus pandemic. ... Read full article

Upstart, which specializes in the use of alternative data and AI in credit decisions, will make car loans directly and sell its technology to banks and other lenders. ... Read full article

Other challenger banks focused on personal loans have struggled since the onset of the coronavirus pandemic. ... Read full article

Shelter-in-place orders have given homeowners the time to pursue upgrades and repairs, and banks are seizing the opportunity to help finance the projects. ... Read full article

A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer. ... Read full article