Fiserv sees existing credit lines as cure for PPP limitations
The race to provide coronavirus relief for small businesses is opening new routes to fund payments, including underused credit lines.
Payments
Credit card lenders clamp down to mitigate coronavirus risk
Since March, issuers have tightened their criteria for opening new accounts and closed millions of existing ones in hopes of avoiding waves of defaults.
Consumer loan applications dropped as coronavirus spread, CFPB says
Credit inquiries for auto lending, revolving credit cards and mortgages fell sharply in March as unemployment surged, according to a Consumer Financial Protection Bureau report.
Plenty of takers for offers to skip credit card, student loan payments
Discover and Sallie Mae are the latest to report a surge in forbearance requests as households struggle with job loss and other hardships resulting from the coronavirus pandemic.
Credit cards start cutting limits for people facing tough times
Discover is the latest card lender to say it's reining in credit lines as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans.
Synchrony’s 1Q profits hit by drop in consumer spending
The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.
Brown, Warren call on CFPB to protect consumers, not financial firms
Five Democrats on the Senate Banking Committee sent a letter to Director Kathy Kraninger calling the agency's response to COVID-19 “tepid and ineffectual at best.”
CFPB urged to take more active role in coronavirus response
The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.
Visa says consumer spending has ‘sharply declined,’ even online
The company once again lowered its outlook for quarterly revenue growth, saying the coronavirus pandemic has led to a sharp decline in cardholders’ overseas spending.
CFPB postpones quarterly HMDA reporting
The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic.
CFPB’s Kraninger says QM proposal, remittance rule will be out by May
The agency's director said both steps will come as part of an ongoing review of agency rules and show her "commitment under the law to be effective and evidence based” in providing clarity to stakeholders.
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.
Consumer lending outlook: Solid near term, shaky long term
Mortgages, auto loans and credit cards should perform well for the next two quarters. Beyond that, all bets are off.
CFPB proposes expanding safe harbor in remittance rule
The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers.
CFPB’s final payday rule should be ready in spring, agency says
In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.
By
Joe Adler
Has removing tax lien data from credit records led to more bad loans?
A year after the major credit bureaus agreed to strip tax liens and civil judgments from consumers' credit files, a new study says it is hampering lenders' credit decisions. But proponents of the move insist it was the right call.
After a slow start, low rates, Gen Z could sustain mortgage activity
Mortgage activity fell at the start of the year, but lower mortgage rates are boosting refinance volume, and Generation Z is starting to creep into the housing market, according to TransUnion.
Is it time to worry about mounting credit card debt?
Borrower debt continues to rise, late payments are up and interest rates are at their highest levels since at least 1994. A new report raises questions about the sustainability of the card industry's boom.
Apple Card: 10 key takeaways
Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.
Warren warns consumer, corporate debt could cause next crisis
The Democratic presidential candidate argued in a blog post that the U.S. could avoid a recession by canceling most student debt and authorizing regulators to more aggressively monitor leveraged lending.
Load More
Couldn’t load more articles. Try again.