Aug 9, 2021 | Banks & Credit Unions, Federal Regulation, News
OCC Reviewing Banks’ Overdraft Policies Acting Comptroller Michael Hsu recently announced that the Office of the Comptroller of the Currency (OCC) is reviewing bank overdraft policies— an announcement that came during testimony in front of the Senate Banking...
Aug 6, 2021 | Banks & Credit Unions, Federal Regulation, News
Applications for Auto Loans, Mortgages, and Credit Cards Back to Pre-Pandemic Levels, According to CFPB Issue Brief Last week, the Consumer Financial Protection Bureau (CFPB) published an issue brief finding that consumer applications for auto loans, mortgages, and...
Aug 4, 2021 | Banks & Credit Unions, FinTech, News
Banks, Lenders Moving Away from FICO for Loan Determinations Large banks and lenders are moving away from using FICO credit scores for consumer credit decisions like auto loans and mortgages. FICO has provided scores for nearly 200 million U.S. consumers, but...
Aug 2, 2021 | Banks & Credit Unions, News
“Buy Now, Pay Later” Firms Continue to Gain Popularity Recent data from Morning Consult showed that awareness and usage of “Buy Now, Pay Later” (BNPL) services have steadily increased since the start of the coronavirus pandemic. 17 percent of U.S....
Jul 19, 2021 | Banks & Credit Unions, News
Wells Fargo Ending Personal Lines of Credit Earlier this month, Wells Fargo announced the discontinuation of its personal lines of credit product offerings. The revolving credit lines allowed customers to borrow anywhere from $3,000 to $100,000, and were typically...
Jul 16, 2021 | Banks & Credit Unions, News
Consumer Borrowing Surged in May by Most on Record American consumers have started borrowing more as the economy recovers from COVID-19, especially in auto loans and leases, general-purpose credit cards, and personal loans. Bloomberg economists predicted an $18...
