News Topic: Consumer lending

Upgrade's new product, unveiled Tuesday, is aimed at consumers who are expecting a big expense but may not need to borrow all the money at once. Unlike a home equity line of credit, the loan can be approved in minutes because there is no need for ... Read full article

Loosening lending standards can actually increase the odds that banks get sued for discrimination. ... Read full article

The subprime auto lender failed to disclose that it received fees for referring borrowers to CarMax, the used-car dealer, according to California's financial regulator. ... Read full article

The Atlanta bank will hold the loans on its books and pay Microf a fee the referrals. The partnership will further its expansion in consumer lending. ... Read full article

While the banking industry is divided on the use of conversational technology, the San Francisco company believes chatbots can make it easier for customers to discuss their finances. ... Read full article

The agency would be subject to congressional and White House oversight; American customers will be able to send money to 200 countries. ... Read full article

The state’s banking regulator said that the online consumer lender made over 46,000 small loans to Bay State consumers without a license. The company surrendered its license to the state regulator as part of a 2011 consent order. ... Read full article

The Atlanta company partners with banks and merchants to offer consumer installment loans. It could seek to raise as $1 billion as early as this summer, the Wall Street Journal reported. ... Read full article

The Canadian bank becomes the largest institution to implement the fintech firm’s Bank Operating System technology. ... Read full article

A majority of midsize and large banks complain that red tape is mounting and that they are passing on higher regulatory costs to customers and have less flexibility in designing products, according to a new survey by the RMA. ... Read full article

Some investors fear BBVA is taking a big risk by getting into unsecured personal lending long after online lenders have established themselves, but bank officials argue the bank’s cost of funds and in-depth knowledge of its customers will help it to outdo ... Read full article

Even as many venture capitalists retreat from the online lending industry, Upstart Network is hoping to find investors still willing to bet on the business. ... Read full article

The San Francisco-based online lender reported a net loss of $115 million for 2017, more than half of which was connected to warrants issued in a deal that stabilized the struggling firm. ... Read full article

Fifth Third and First Republic are among the investors in the company’s $50 million equity round. ... Read full article

Banks say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market ... Read full article

Use of alternative data in traditional credit scoring would help consumers access the banking system and lower their cost of credit. ... Read full article

As it expands to the West Coast, the bank will first target car dealers at which it is already an indirect consumer lender. ... Read full article

A former senior executive at Equifax Inc. was criminally charged for allegedly selling almost $1 million worth of shares before the company’s announcement last year that it had suffered a massive data breach. ... Read full article