Jun 20, 2019 | FinTech, News
← Previous Article Next Article → Although discrimination in lending remains a problem in America today, discrimination is declining, largely as a result of fintech firms’ use of algorithms. According to the latest research, fintech algorithms discriminate...
Jun 19, 2019 | FinTech, News
← Previous Article Next Article → On June 18, Facebook announced an ambitious plan to develop an alternative financial system using a global currency, backed by blockchain technology, called “Libra.” The frequently criticized social media giant expects to...
Jun 19, 2019 | Federal Regulation, News
← Previous Article Next Article → Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), has now led the CFPB for six months. According to a press release detailing Kranigner’s actions thus far, she has focused on enforcing the law,...
Jun 14, 2019 | Banks & Credit Unions, News, Online Lending
← Previous Article Next Article → The California Assembly, led by Assemblypersons Monique Limon and Tim Grayson, passed AB-539 on May 23, a state bill that would cap interest rates at 36 percent on loans more than $2,500. Controversy and criticism have...
Jun 14, 2019 | Banks & Credit Unions, News, Online Lending
← Previous Article Next Article → Earlier last year, economists from the World Bank published a report entitled, “Interest Rate Caps: The Theory and the Practice.” It finds that capping interest rates not only reduces average lending rates, but often has...
Jun 12, 2019 | Federal Regulation, News
← Previous Article Next Article → The Consumer Financial Protection Bureau (CFPB) announced yesterday that it will hold its first symposium on June 25 in Washington, D.C. where discussion will focus on abusive acts or practices under the unfair, deceptive,...
Jun 11, 2019 | Banks & Credit Unions, News
← Previous Article Next Article → According to a new report, a majority of bank and credit union executives believe that partnerships or collaborations with fintech firms are important in 2019, especially in the areas of digital account opening, payments,...
Jun 10, 2019 | FinTech, News
← Previous Article Next Article → Credit reporting has changed substantially over the years. Compared to the past when lenders rarely used anything other than traditional credit reports, the majority of lenders today use alternative data when making a...
Jun 6, 2019 | Federal Regulation, News
← Previous Article Next Article → The Consumer Financial Protection Bureau (CFPB) announced earlier today that it would extend the compliance date for the mandatory underwriting provisions (i.e. ability-to-repay standards) of the Small-Dollar Rule, also...
Jun 5, 2019 | Federal Regulation, News
← Previous Article Next Article → People submitted more complaints to the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database in 2018 than in any previous year, according to a report by the U.S. Public Interest Research Group (U.S....
