The installment lender, which bills itself as an alternative to payday lenders, targets underserved communities and operates through a network of retail partners.
Regulators should clarify rules around deposit-advance products so that banks can serve consumers seeking short-term loans, like those affected by the recent partial closing of the government.
As the consumer lender announced its seventh consecutive profitable quarter, its CEO bragged that his company is better positioned than the likes of Goldman Sachs and LendingClub.
BBVA Compass in Birmingham, Ala., reported 6% increases in loans and revenue, as strength in consumer loans and credit cards offset weakness in fee income.
The CFPB banned online payday lender NDG Financial, three corporate officers and nearly a dozen affiliated companies from lending to consumers in the U.S.
U.S. Commerce Secretary Wilbur Ross said unpaid federal workers could borrow to tide themselves over during the government shutdown rather than call in sick to earn a paycheck elsewhere.
