Dec 14, 2023 | Federal Regulation, FinTech, News
OCC Issues BNPL Guidance Last week, the Office of the Comptroller of the Currency (OCC) issued guidance to national banks and federal savings associations addressing what it says are the risks of “buy now, pay later” (BNPL) lending. BNPL products present compliance,...
Oct 31, 2023 | FinTech, News
Average Retail Credit Card APR Reaches New Record High Bankrate’s annual Retail Cards Study found that the average APR for retail credit cards reached a record high of 28.93 percent this year, up from 26.72 percent in 2022 and 24.35 percent in 2021. The average...
Oct 5, 2023 | FinTech, News
Fed Report Finds BNPL Loans Increase Financial Inclusion The Federal Reserve Bank of New York recently found that buy now/pay later (BNPL) loans have helped consumers pay off debt at a lower cost than traditional loans, despite consumer advocates urging regulators to...
Jun 22, 2023 | Federal Regulation, FinTech, News
OCC’s Hsu Sees Benefits to AI in Banking, But Warns of Potential Risks Michael Hsu, acting U.S. Comptroller of the Currency, recently highlighted the potential benefits and risks of using widespread artificial intelligence (AI) in banking during his remarks at...
Apr 12, 2023 | FinTech, News
Governments Around the World Exploring BNPL Regulation Governments around the world have started considering regulations to apply many existing credit laws to the buy now, pay later (BNPL) market. Since the BNPL market began, it has been mostly free from government...
Mar 31, 2023 | FinTech, News
LexisNexis Survey of Bank Decision Makers Finds Majority of Respondents Use Alternative Credit Data for New Applicants A recent LexisNexis Risk Solutions survey of nearly 225 senior decision makers for lending, marketing, and credit risk found that 65 percent of...
