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Big banks and institutional lenders approved small-business loans at record rates in May, according to data from Biz2Credit.
June 10 -
The Consumer Financial Protection Bureau issued a final rule Wednesday that allows it to monitor the biggest nonbank auto finance companies.
June 10 -
Prosper Marketplace, the first peer-to- peer lender in the U.S., is planning to charge an extra fee to investors who want to bundle its loans into bonds in order to offset its increased costs from the securitization process.
June 10
The Consumer Bankers Association praised banks' discipline on managing credit quality for student loans after a report showed a drop in delinquencies.
Both early- and late-stage delinquencies fell in the first quarter, compared to a year ago, according to MeasureOne's
Net charge-offs declined 46 basis points to 2.71%.
"Banks are working in a responsible manner with students," Richard Hunt, the Consumer Bankers Association's chief executive, said in a news release. "The private student loan market, though small, continues to operate in a thoughtful way."
MeasureOne's report analyzed data from the six participants in the organization's Private Student Loan Consortium, who together represent 71% of the total outstanding balance of private student loans. The lenders are Citizens Financial Group, Discover Financial Services, Navient, PNC Financial Services Group, Sallie Mae and Wells Fargo.
"The private student loan market is back to its pre-crisis levels in terms of high repayment rates and low delinquency rates," said Dan Feshbach, MeasureOne's chief executive.
