The subprime online lender said Thursday that it will spin off its credit card business into a new entity, Mission Lane. It also named a new CEO to replace its founder, Sasha Orloff.
From the end of overdraft fees to the rise of banks that watch their customers' every move, there are several new banking trends on the horizon in 2019.
From the end of overdraft fees to the rise of banks that watch their customers' every move, there are several new banking trends on the horizon in 2019.
The year saw anxiety over how banks would respond to record consumer debt, disruptive glitches at TD Bank and SunTrust, ongoing scandal at Wells Fargo, and much, much more.
The cost of Wells Fargo's scandals continues to rise as regulators from all 50 states forced the institution to pay hundreds of millions in penalties for the creation of fake accounts, improper enrollment in life insurance, force-placed auto insurance policies and other activities.
A bipartisan bill stirring in the Senate would prohibit lenders from mailing unsolicited checks that can immediately be converted into high-interest loans. Consumer groups call the loans predatory, but lenders say they are a lifeline for cash-strapped households.
