Bank of the West intends to stop making indirect auto loans and will instead focus on financing purchases of boats and recreational vehicles. It’s just the latest example of a regional bank pouring more resources into the powersports sector.
It’s the company’s responsibility to come forward with the information about how an algorithm that could be discriminating against women borrowers was designed and the exact impact of it, she said.
Home loan originations rose by double digits in the third quarter while auto loan originations approached an all-time high, according to new household credit data from the New York Fed.
Top officials at Bank of America and Wells Fargo said that commercial loan demand is weak, even as U.S. consumers show strength. Their comments echo recent findings by the Federal Reserve.
After shaking up the financial services industry last month by eliminating commissions for all online trades, Charles Schwab is setting its sights on building out its lending services.
Businesses scaled back investment plans in the third quarter, but consumers continued borrowing; the bank now plans to raise its minimum wage to $20 in 2020.
The credit card issuer, which recorded an 11% decline in net income last quarter, took one-time charges in connection with a U.K. sales scandal, the start of a new partnership with Walmart and a recent data breach.
