American’s increased the amount of money they borrowed in the second quarter, with consumer borrowing reaching $13.29 trillion during the quarter ending in June. Reuters, citing a report from the New York Federal Reserve Tuesday (Aug. 14), said that consumer debt during the second quarter was...
Wells Fargo might give its shrinking student lending business a boost by focusing on borrowers with U.S. government loans. The lender would offer loans to allow customers to retire their government-backed student debt, said Well Fargo’s Head of Personal Lending John Rasmussen, according to Bloomberg....
Private equity firms, driven in part by an influx of cash from investors looking for more yield on their investments, have been acting as lenders, financing deals that banks are shying away from. The Wall Street Journal, citing private equity firms including Ares Management and...
The U.S. Department of Justice (DOJ) announced that Wells Fargo will pay $2.09 billion in penalties to settle claims related to mortgage loans that the lender processed before the last recession. “Abuses in the mortgage-backed securities industry led to a financial crisis that devastated millions of...
Investors have been withdrawing funds from peer-to-peer lending platforms amid a wave of defaults across the industry in China. According to a report in the Financial Times, the move on the part of investors is causing some of the peer-to-peer lending platforms to collapse. According...
Senate Republicans expressed frustration because store owners still aren’t satisfied with the new payday lending bill, which is friendlier to lenders. “You and your people have been involved in this bill for over a year since it was introduced,” Sen. Scott Oelslager, chairman of the...
In a sign of strength for the economy in the U.S. and welcome news for banks, business loans saw an uptick in the second quarter. The Wall Street Journal, citing preliminary second-quarter Federal Reserve data, reported it looks like the rate of business loans in...
As a consumer lending category with the fastest growth, outstanding balances for personal loans jumped by about 18 percent to $120 billion in the first quarter. And the percentage of loans originated by FinTech firms is growing astronomically: While they originated less than 1 percent...
After allegedly creating millions of fake debts and selling them to bill collectors, payday loan magnate Joel Tucker was indicted on federal charges. Tucker reportedly raked in $7.3 million from the purported scheme, Bloomberg reported. “Tucker defrauded third-party debt collectors and millions of individuals listed...
