When student loans resume this fall, many borrowers will send payments to new providers. Roughly 44% of federal student loan borrowers will have a new loan service company, AL.com reported Sunday (July 30), citing data from the Consumer Financial Protection Bureau (CFPB). According to the report, three...
OneMain Financial, a nonbank personal loan installment lender, has been slapped with $20 million in redress and penalties by the Consumer Financial Protection Bureau (CFPB) for alleged deceptive sales practices. The CFPB accused the lender of duping borrowers into purchasing add-on products to receive a...
Federal banking regulators support using alternative methods to assess creditworthiness to help high-risk people get loans, The Wall Street Journal (WSJ) reported on Tuesday (Dec. 3). Instead of using traditional credit scores, lenders can look at alternative data like borrowers’ cash flow. This approach “may...
Drafting, applying and being approved for loans can be complicated and drawn out processes for consumers and business owners alike. Borrowers must often complete hefty amounts of paperwork before they are approved, and payments disbursed via paper checks can add delays. Lenders are under more...
August 29, 2017
The final payday lending rules are coming, but reporting by The Wall Street Journal over the weekend suggests that they may not take quite the toll on the lending industry as once thought. The Consumer Financial Protection Bureau (CFPB), it seems, is considering proposals that would scale back the rule’s scope. Instead of casting the net very, very wide to include all short-term […]
April 26, 2017
Transparency cures all ills — especially in the online lending space where investors need certainty the pools of debt they’re buying are as represented. Global Debt Registry President Charlie Moore...
September 19, 2023
The Consumer Financial Protection Bureau (CFPB) has released guidance for lenders who utilize artificial intelligence (AI) and complex models in their credit decision-making processes. The guidance emphasizes the need for lenders to provide specific and accurate explanations when making credit denials, the regulator said in a Tuesday (Sept. 19) press release. With the growing use of advanced algorithms and personal […]
July 30, 2023
When student loans resume this fall, many borrowers will send payments to new providers. Roughly 44% of federal student loan borrowers will have a new loan service company, AL.com reported Sunday (July...
December 04, 2019
Federal banking regulators support using alternative methods to assess creditworthiness to help high-risk people get loans, The Wall Street Journal (WSJ) reported on Tuesday (Dec. 3). Instead of using traditional...
August 06, 2019
To broaden access to responsible credit with additional models, LendingClub has announced the rollout of its Select Plus Platform. The offering opens the company’s marketplace to sophisticated investors to find...
