Subprime lending

Avant to pay $3.85M to settle allegations of deceiving borrowers


The Federal Trade Commission accused the online lender of numerous violations in connection with its loan servicing practices. In one example, Avant allegedly informed customers that they could make payments by credit card or debit card but then refused to accept such payments.


Rivalry between two Silicon Valley lenders turns personal


Seven years after James Gutierrez left Oportun Financial and started a competitor, the acrimony sparked by the divorce is coming into public view.


Large banks assuming more risk in auto lending


New research from the New York Fed found that banks with more than $50 billion of assets originate more subprime car loans than small banks and credit unions do.


Shorter terms, higher rates: How CECL could upend lending


Bankers weigh their options in mortgage and CRE lending as implementation of a new accounting standard nears.


Auto lenders upbeat amid fears credit cycle will sputter


Executives from Ally Financial and Santander Consumer USA gave rosy outlooks this week about 2019 consumer trends, while other banks that rely less heavily on car lending offered more cautious appraisals.


LendUp spins off credit card business, names new CEO


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.


CFPB fines Santander Consumer for auto add-on product


The agency alleges the subprime auto lender violated consumer finance laws by misrepresenting the level of guaranteed insurance protection.


Fintech startup tries to help consumers fix credit report errors


Upturn, which is owned by a BBVA unit, is offering a free online tool consumers can use to detect and dispute inaccuracies in their credit report.


Bill Gates funds research to spur banks to innovate for the poor


The Human Account, a survey of 11,500 people, is intended to inspire banks and governments to come up with better ways to help low-income people.


Mortgage credit still in a post-crisis funk? The data begs to differ


Despite recriminations about how the crisis and ensuing regulations have tightened loan access, an actual assessment of mortgage credit availability is more complicated.