Home equity lines could double over the next six years. Some banks are actively pursuing the consumer credit opportunity, whereas many still feel stung by the housing crisis, unimpressed by home equity’s comeback so far or fearful of nonbank competition and fraud.
The hurricanes destroyed hundreds of thousands of cars, and banks are significantly boosting their reserves in anticipation of higher defaults on auto loans. But there is also a silver lining for auto lenders.
Growth in net interest income was offset by a decrease in revenue from mortgage banking and capital markets, the Birmingham, Ala., company said Tuesday.
SunTrust’s yields have improved as it has increased its credit-card and student lending and made more online personal loans through its LightStream subsidiary.
"I’m not going to step aside because I’m an asset for this company," Tim Sloan said Wednesday, rejecting arguments by some Senate Democrats that he is too tied to the phony-accounts scandal.
The non-binding guidance, which followed a nearly yearlong inquiry about industry practices, said consumers should have greater ability to obtain information about their financial data, among other principles.
Martin Chavez reminded analysts Tuesday that while the Wall Street firm may be new consumer lending, the executives leading the unit are all veterans of the sector.
Third-quarter profits at the Georgia bank rose 52% thanks to doubled-digit growth in consumer lending and the sale of credit card assets it had obtained from the retailer Cabela's.
