The Chinese government’s financial regulators have distributed new rules to local governments, targeting the fast-growing online micro-lending industry. According to news from Reuters, under the new rules, unlicensed organizations and individuals are not allowed to conduct a lending business. Lending institutions are also not allowed to...
The Federal Reserve Bank of New York painted a more optimistic picture of U.S. households, saying access to credit has improved at the same time that their risk of a financial shock has declined. According to a Reuters news report, a survey of consumer expectations...
Student loans have an unexpected consequence if they go unpaid: Borrowers who default on their payments can lose their state-issued professional licenses. That’s according to a news report in CNBC that found that in 19 states, government agencies can take away student loan borrowers’ licenses...
Goldman Sachs revealed that it can reach $13 billion in new consumer loans in the next three years through its Marcus online lending business. According to news from Reuters, the company’s Chief Financial Officer, Marty Chavez, made the announcement at the Bank of America Merrill Lynch...
The Federal Reserve Bank of Cleveland issued new research on the online lending market showing that borrowers end up in more debt than consumers who don’t utilize this method of borrowing. According to a news report in American Banker covering the study published last week,...
Capital One Financial Corp. is getting out of the mortgage origination and home equity business, while continuing to service their existing and pending home loans, because of competition that made it too hard for the unit to turn a profit. According to news from Bloomberg, citing...
German car manufacturer Volkswagen (VW) has confirmed it is in the process of applying for a U.K. banking license that will enable it to continue providing financing to car buyers after Britain leaves the EU. According to the news published by the Financial Times on Thursday...
The country’s largest banks, JPMorgan Chase & Co., Bank of America and Citigroup, are reducing loans to retailers at a time when the industry is also facing doubts from bond investors. According to TheStreet, JPMorgan, the largest U.S. bank by assets, cut its total exposure...
A growing number of potential U.S. homebuyers are turning to alternative lenders to purchase their dream homes. According to news from CNBC, six of the top 10 home lenders by volume now fall into the alternative lending category, with customers including the self-employed and those...
