JPMorgan Chase is partnering with TrueCar, an online car-buying service, to enable consumers to find and get financing approval for vehicle purchases via mobile phones and computers. Chase Auto Direct is being rolled out to existing customers in 30 states, with additional availability planned for next year.
Financial technology groups in more than 20 cities plan to launch a federation next month to pool resources quicker. "We're hoping to really be able to accelerate the connection of fintechs [start-ups] and institutions to the source of knowledge," Innovate Finance's Lawrence Wintermeyer said.
The Labor Department has published its final rule smoothing the path for states that want to create workplace retirement-savings plans. The rule guarantees that the plans won't have to comply with the federal Employee Retirement Income Security Act as long as a few basic requirements are met.
Families are eager to get detailed professional advice on how to save for their children's college expenses, according to a Fidelity survey. Among parents who have children expected to attend college, seven out of 10 want more specific and precise guidance about how much to save for higher education.
The Federal Housing Finance Agency said Thursday that it would extend the Home Affordable Refinance Program, set to expire in December, until Sept. 30, 2017. Officials say a new refinance program for borrowers with high loan-to-value ratios will replace HARP once it does expire.
Banks are rethinking their branch networks as consumer preferences shift and technology changes their operations. But the Federal Deposit Insurance Corp. has said branches remain the main way it determines how well banks are serving the needs of low- and moderate-income communities under the Community Reinvestment Act, said Steven Zeisel, CBA executive vice president.
First National of Nebraska has settled charges brought by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency that the bank improperly sold credit card and identity-theft services. The bank will pay fines of $3 million to the OCC and $4.5 million to the CFPB, and will reimburse $27.75 million to 257,000 customers.
Sixty-day delinquencies for loans to subprime auto borrowers hit 4.59% in July, a rise of 17% compared with July 2015, Fitch Ratings reports. Delinquencies for prime borrowers increased as well, to 0.4% in July, up 21% from the same month a year ago.
Nat Hoopes is leaving his position as executive director of the Financial Services Forum to head the Marketplace Lending Association, which includes financial-technology companies Funding Circle, Lending Club and Prosper Marketplace.
- Page 1