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...
Jun 14, 2021 | FinTech, News
Walmart Adds to Financial Services Offerings with PayNearMe and Green Dot Partnerships Last week, retail giant Walmart announced a new partnership with PayNearMe, a bill payment fintech, and bank technology company Green Dot to provide a way for customers to use cash...
Apr 16, 2021 | FinTech, News
CEI Report: APR Calculations Are Misleading When Applied to Short-Term Loans Last week, a new Competitive Enterprise Institute (CEI) report criticized attempts to impose caps on short-term, small-dollar loans based on a hypothetical annual percentage rate (APR) that...
Apr 7, 2021 | FinTech, News
Five Bank Regulators Seek Input on How Financial Institutions Use AI Last week, five federal financial regulatory agencies—the Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit...
Mar 15, 2021 | Federal Regulation, FinTech, News
New FDIC CIO Sees Fintech as Path to Expand Banking The Federal Deposit Insurance Corp. (FDIC) recently named Sultan Meghji as its first chief innovation officer. Meghji co-founded the fintech company Neocova in 2016, and is now tasked with heading the FDIC’s efforts...
Mar 8, 2021 | Federal Regulation, FinTech, News
FDIC Names First-Ever Chief Innovation Officer Last month, the Federal Deposit Insurance Corporation (FDIC) named Sultan Meghji as the agency’s first Chief Innovation Officer. Meghji will lead the agency’s efforts to promote the usage of innovative technologies...