Lending

Bowing to industry pressure, the Consumer Financial Protection Bureau is warning consumers with notices on its complaint portal not to file disputes about inaccurate information on credit reports, among other changes.

The latest directive, which takes effect in March, allows only U.S. citizens and nationals to seek government-guaranteed financing. It's drawing criticism from Democrats in Congress, small-business advocates and some lenders.

The Chicago-based, $261 million-asset Metropolitan Capital Bank & Trust was placed in receivership and its assets sold to Detroit-based First Independence Bank, costing the Federal Deposit Insurance Corp.'s Deposit Insurance Fund an estimated $19.7 million.

A one-time accounting change will boost the bank's ability to spend on marketing. Traders flinched at the change; analysts called it a buying opportunity.

The auto lender's earnings mostly surpassed expectations in the fourth quarter, but its financial outlook was dampened by its projection of a weaker labor market in 2026.

Shares of the California lender surged 25% on news of the leadership change and preliminary fourth-quarter earnings.

During the fourth quarter, the Buffalo, New York-based bank reported its lowest ratio of nonperforming loans to total loans since 2007.

The crypto lender issued over 5,000 loans to residents without a license and failed to assess repayment ability, the DFPI said.

The San Francisco-based banking giant reported solid gains in credit card and auto lending as credit remained in check and quarterly operating costs declined from a year ago.