The consumer bureau said Approved Cash Advance improperly collected amounts that were five times higher the legitimate fee schedule disclosed to borrowers. …
Money
Axis Auto Finance posts record originations in Canada
Axis Auto Finance posted a record increase in loan originations, according to the company’s fiscal year third-quarter earnings report released last week. The subprime lender originated a total of $29.7 million in retail installment contracts, a 109% year-over-year increase. “We have the broadest credit product offering in Canada and dealerships buy into the concept of […] …
Money
Should PPP be extended to vandalized businesses?
The program is intended to aid businesses hit hard by pandemic-induced lockdowns, but lenders are lobbying to have the rules relaxed to help owners of stores and offices damaged by recent riots and looting. …
Money
Big banks call for blanket forgiveness of PPP loans under $150,000
The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans. …
Money
Fed urged to widen eligibility for pandemic loan programs
Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms. …
Money
Alibaba launches interest-free financing for U.S. small businesses
The new product, which comes as an earlier partnership with the online lender Kabbage is sputtering, figures to appeal to companies with tight cash flows. …
Money
The little-noticed power grab in regulators’ small-dollar guidance
An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing. …
Money
Bank of America commits $1B to coronavirus relief for people of color
The funds will be used to support housing, job training and aid for small businesses in communities that have been disproportionately affected by the pandemic. …
Money
Justice Dept. asks United Community for PPP documents
The Georgia company said the agency is looking at its policies for paying, or withholding, Paycheck Protection Program fees to borrowers’ agents. …
Money
Acting comptroller warns on masks; stimulus debit cards cause confusion
Brian Brooks says coronavirus mandates, such as masks, could potentially harm banks; some recipients of the Treasury prepaid cards don’t believe they are for real. …