Banks earned $59.1 billion in the fourth quarter, a 133% year-over-year increase, due to a one-time charge in the year-earlier quarter and a lower effective tax rate throughout 2018.
Personal loan balances hit an all-time high in 2018, while fintech lenders widened their market share lead over banks and credit unions, according to new data from TransUnion.
While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening.
The online consumer lender trimmed its losses in the fourth quarter and says an adjusted, non-GAAP metric suggests it's on the path to getting out of the red later this year.
The agency’s proposed changes to its standard for small-dollar loans will help ensure underbanked consumers still have access to credit. Concerns about predatory lending are overstated.
Flaws in testing may be real source of Wells Fargo's tech failure; BB&T-SunTrust deal throws talent and deposits up for grabs, threatens banking's middle tier; what JPMorgan Chase's JPM Coin means for Ripple and Swift; and more from this week's most-read stories.
New research from the New York Fed found that banks with more than $50 billion of assets originate more subprime car loans than small banks and credit unions do.
