Links in “Lending”

CFPB warns students that just because a bank account may be marketed to them with their college's logo on it, it doesn't always mean it's a good deal for them. [8/28/15]

The NCUA will be offering a webinar all about participation lending, including discussion on benefits and requirements for buyers and sellers. The webinar is scheduled for September 16 and you can register here. [8/27/15]

Navient, which processes more student loan payments than any firm in the country, is under investigation for allegedly overcharging borrowers and numerous dodgy practices, such as the way its debt-collection unit treats distressed debtors and how its loan-servicing operation interacts with borrowers. [8/25/15]

Bank of Internet USA issues big mortgages to high earners that other lenders might not welcome with open arms. It has grown five-fold -- to nearly $5 billion -- over the last five years. Will it be able to keep up the growth or will its amazing run fizzle? [8/24/15]

In a legal opinion letter issued this week, NCUA has clarified that federally insured credit unions can purchase participation interests in indirect loans even if the participation interest is purchased from a lead lender that generated the loan through an indirect lending arrangement with the point of sale retailer rather than directly from the originating lender. [8/19/15]

World Acceptance Corporation, which extends small-dollar loans to individuals, then refinances them multiple times, has acknowledged that it is under investigation by the CFPB. Also see this earlier story on the CFPB's two-part investigation. [8/14/15]

CUNA has published a comprehensive analysis of the recent amendments to the Military Lending Act, which significantly expands the coverage of the Act and revises its APR calculation. The changes are effective October 1, 2015 and compliance is mandatory by October 3, 2016. [8/11/15]

One of the planks of Hillary Clinton's plan on college affordability is to revamp the federal student-loan program, including lowering rates and capping payments at 10% of discretionary income. [8/11/15]

In 2012, New York City passed a law that was like the Community Reinvestment Act on steroids, requiring banks to provide extra information on their small business lending, efforts to prevent foreclosures, affordable housing lending, and branches in low-income communities. A U.S. District Judge has just overturned it, calling the law's structure an attempt to secure "compliance through the public shaming of banks." [8/11/15]

Fed Reserve says no to Denver-based credit union's application for a master account that would open its doors to some of the hundreds of state-licensed marijuana businesses in Colorado. The New York Times piece includes a video segment outlining the peril of running such a cash-intensive business outside of banking. [7/31/15]