News Topic: Subprime lending
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OppFi says CFPB staff is not recommending enforcement action
What’s driving the boom in auto refinancing
Santander offers to buy remaining 20% of subprime auto lending arm
Fintech's deal for tiny Utah bank may rile consumer advocates
Storefront lender OneMain pushes further into digital
Hitting the brakes on subprime auto lending
Hammered by pandemic, consumer lender Aura shuts down
The San Francisco company has faced financing challenges as its customers, largely lower-income Latinos, have struggled to keep up with monthly payments. ... Read full article
Petal seeks borrowers with blemished credit histories
The company, which provides credit cards to millennials, is expanding its target audience beyond thin-file consumers and those without credit histories. It will now also target those with blemished, nonprime credit histories. ... Read full article
PayPal vows action after advocates flag ties to unaccredited schools
A borrower advocacy group is asking federal banking regulators to investigate PayPal and Synchrony Financial, which partner on a product that is used to offer high-cost education financing. ... Read full article
New subprime lending startup will focus on financing health care
Covered Care is promising to offer affordable loans to borrowers with credit scores below 700. ... Read full article
As mortgage woes return, lessons from last crisis come to light
A subprime-related settlement between the government and Deutsche Bank provided meaningful benefits to some U.S. consumers in need, according to a new report. But the author acknowledged that those gains could prove illusory for some consumers given the ... Read full article
Ally, CardWorks call off planned merger
The companies said the "meaningful impacts" of the coronavirus pandemic led them to terminate the $2.7 billion deal. ... Read full article
Santander Consumer reaches $550M settlement with state AGs
The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans. ... Read full article
Subprime car buyers skip loan payments in sign of trouble ahead
Credit Acceptance Corp., the lender to car buyers with subprime credit scores, warned it's seeing a sharp drop-off in payments as people shift their financial priorities to get through the coronavirus pandemic. ... Read full article
Why more issuers see profit in secured credit cards
Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product. ... Read full article
Is Ally's leap into subprime credit cards worth the risk?
Investors are reacting skeptically to the auto lender's deal to acquire CardWorks for $2.65 billion. ... Read full article
Big banks outlast city of Miami in long legal battle
The city's decision to drop a lawsuit alleging predatory ending by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup highlights the challenges municipalities face in taking on deep-pocketed financial institutions. ... Read full article
Goldman curtailed personal lending after launching Apple card
The New York bank said Wednesday that its first-ever credit card has brought in nearly $2 billion of loans in less than six months. ... Read full article
Wells Fargo, Philadelphia reach settlement in redlining lawsuit
Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting home ownership for low- and moderate-income residents. ... Read full article