JPMorgan Chase to offer online loans to credit card customers
The foray into digital consumer lending follows a similar move by rival Citigroup.
By
Andy Peters
Consumer banking
Banks fall further behind fintechs in personal lending
Personal loan balances hit an all-time high in 2018, while fintech lenders widened their market share lead over banks and credit unions, according to new data from TransUnion.
By
Andy Peters
Apple, Goldman to test joint credit card: Report
The move, reported by The Wall Street Journal, could be part of a deeper foray into cobranded cards by Goldman, which has been expanding into consumer finance through its Marcus unit.
HomeStreet acquiesces to activist investor, will sell mortgage unit
HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.
SBA plays catch-up as threat of another shutdown looms
Lenders are glad the agency worked swiftly through a backlog of paperwork, but they're worried funds will get cut off if the government closes again.
KeyCorp’s deal for student lender raises eyebrows
Executives at Key pushed back against doubts over a deal for Laurel Road Bank’s digital lending platform so late in the credit cycle, arguing that its customers are prime borrowers with high incomes.
Citi takes another step away from mortgages as originations fall
Citigroup's residential mortgage originations declined 23% and its home-loan revenue dropped by 35% year-over-year in the fourth quarter of 2018, as the company continued to distance itself from home loans.
Alternative lenders try to fill void left by shutdown
The tricky part: raising awareness without appearing to take advantage of borrowers at a time when agencies like the SBA are out of commission.
Online lender’s aim: Turn borrowers into depositors
Affirm, which for six years has plied its trade as a point-of-sale lender, wants to move deeper into banking by offering a high-rate savings account.
By
Andy Peters
Auto financing finally shifts into the 21st century
Automating the loan application process is a potentially game-changing development that could put more car shoppers in control of which bank or credit union finances their purchase.
By
Andy Peters
SBA’s biggest lender is overhauling its business model
Live Oak Bancshares became an SBA juggernaut by making loans, selling them and making more. With economic conditions changing, it is retaining more credits.
CommonBond braces for shift to Gen Z in buying student-coaching fintech
The online lender has acquired NextGenVest, which uses AI and text messaging to advise high school and college students about getting loans. CommonBond’s goal is to better understand the distinctly different demographic group rising behind millennials.
Bank regulators propose expanding exemption for residential appraisals
The effort to raise the threshold for transactions excused from appraisal requirements responds to concerns that the current threshold is outpaced by real estate prices.
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.
Opinion A cautionary tale on brokered deposits
As the FDIC considers reforms to its brokered deposit rules, the agency should recall the problems these funds caused in the lead-up to the S&L crisis, argues former Chairman William Isaac.
Plastic cards will be gone in five years: Synchrony CEO
Margaret Keane discussed Synchrony's investments in technology, including how the card issuer plans to use customer data to help retailers create targeted ads, during an appearance Tuesday in New York,
To boost credit scores, FICO, Experian, Finicity want bank data
In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.
OnDeck creates new subsidiary for bank partnerships
ODX will pursue deals with banks that want to use the New York lender’s technology to offer online small-business loans.
Citi’s credit card business reaches a turning point
Citigroup spent years reeling in customers with promotional rates, many of which have expired or soon will. The bank thinks it can keep a large number of those customers and make more money off of them.
By
Andy Peters
How working with Freddie could boost one bank’s profit
First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.
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