The Federal Reserve Bank of New York is not quite sounding the alarm bell for auto lenders, but they are certainly trying to draw some attention to the issue. Subprime borrowers, it seems, are having a tough time keeping up with their monthly auto payments, as...
CAN Capital, the small business online lender, has put its CEO on leave. According to a report by American Banker, CEO Daniel DeMeo has been put on a leave of absence, and Parris Sanz, CAN’s chief legal officer, is the interim CEO. Ritesh Gupta, previously the chief...
Short-term lending was the star of a melodrama that managed to last the entire year as the ecosystem prepared for — then reacted to — the CFPB's proposed payday lending regulations. Insults were lobbed and malfeasance alleged but also strange moments of accord and agreement...
A record number of consumers looking to trade in vehicles are finding that their cars are worth less than they owe on their loans. USA Today reported that an increase in easily available credit and longer loans has resulted in more people being underwater or...
Payday lenders in the U.S. are facing what they call a threat to their survival. The companies petitioned a federal judge in Washington, D.C., for emergency relief from an effort by U.S. regulators to prevent banks from doing business with them, Reuters reported. The Community...
Taking the top job is never an easy task. It’s even harder to take over at the top as a relative newcomer to the firm. And the hat trick of difficult transitions — taking over at the top as a newish member of the team...
There are second acts in financial services, it seems — or at least interesting attempts at them. Renaud Laplanche, Lending Club’s former CEO, is back with a new internet lending startup called Credify Finance Corp. Housed literally right down the street from Lending Club, Credify will...
More difficulties, it seems, for online lending marketplaces, as reports are emerging of parcels of consumer loans going bad faster than expected. As it turns out, good underwriting is harder to do than it seems from the outside — something that startups and bond underwriters are starting...
The CEO of Prosper Marketplace — Aaron Vermut — will be saying good-bye to the firm, to be replaced by David Kimball, Prosper’s finance chief. Kimball will begin manning the helm as of December; he has been with the firm for a little over six months after nine years at...
