Sep 8, 2021 | Banks & Credit Unions, FinTech, News
Credit Unions Exploring Buy Now, Pay Later Installment Products Buy now/pay later (BNPL) installment products have become more popular throughout the COVID pandemic, with credit unions increasingly participating in offering the product. Typical BNPL products allow...
Sep 6, 2021 | Federal Regulation, FinTech, News
Regulators Urge Banks to Assess Risk in Fintech Relationships Recently, the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC) issued new guidance for community banks to better assess risk as they...
Sep 3, 2021 | FinTech, News
Amazon, Affirm Team Up to Offer Buy Now, Pay Later Since the onset of the global pandemic around March of last year, buy now/pay later (BNPL) financing has rapidly become a popular alternative to credit card borrowing. This trend continued last week when Amazon...
Sep 1, 2021 | Financial Literacy, News
Seven Million Americans May Lose Unemployment Aid After Labor Day For many Americans, next week represents a looming monetary cliff with the potential to significantly impact their financial situations, as more than seven million Americans are set to lose their...
Aug 30, 2021 | Banks & Credit Unions, News
NY Enacts Law Tackling Overdraft Fees As one of his final acts in office, now-former Democratic Governor of New York Andrew Cuomo signed a bill earlier this month targeting bank overdraft fees. The legislation will go into effect January 1, 2022, and will prohibit New...
Aug 27, 2021 | Banks & Credit Unions, News
Wells Fargo Reverses Plan to End Personal Credit Lines Wells Fargo is reversing its decision to end personal lines of credit, a plan the bank released last month that did not fare well among consumers who use the credit product. The decision also drew criticism from...
Aug 25, 2021 | Financial Literacy, News
Average FICO Score Continues to Rise; Hits 716 in April 2021 FICO recently announced that the average FICO credit score hit 716 in April 2021, which is eight points higher than one year ago and five points higher than the average score reported in October 2020. The...
Aug 20, 2021 | FinTech, News
Legislation Introduced to Include Fintech Lenders in SBA Loan Program Earlier this month, Senators Tim Scott (R-S.C.) and John Hickenlooper (D-Colo.) introduced legislation—the Expanding Access to Credit for Small Business Act—that would permit fintechs to...
Aug 18, 2021 | Banks & Credit Unions, News
NYDFS Superintendent to Resign August 24 New York State Department of Financial Services (NYDFS) Superintendent Linda Lacewell announced earlier this month her intent to resign, effective August 24. Her resignation comes after a report tied her to the sexual...
