Some investors have raised questions about the credibility of the firm’s leadership since credit card issuer announced that its loss reserves would surge this year.
An industry-backed bill that is headed to the desk of Gov. Mary Fallin is seen by critics as an effort to minimize the impact of a potential CFPB crackdown.
The weakening car-loan market poses a big challenge for the Detroit-based lender, but it also could also present an opportunity, since other big banks are sharply reducing their exposure.
All six big card issuers reported higher chargeoffs in their credit card businesses, a sign that the post-crisis era of exceptionally strong credit performance has run its course.
Northwest, which produced lackuster first-quarter results, said it will close all 44 offices of Northwest Consumer Discount Co. by mid-July. The unit’s loans will be transferred to Northwest’s bank for servicing and collections.
The startup Dave (just Dave) sells an app that forecasts short-term bank balances and sends users small-dollar advances when necessary, part of a wave of efforts to improve consumers’ financial health using digital tools.
The marketplace for services to help struggling families balance their short-term and long-term financial needs is improving, but is still insufficient.
