Banking Committee Chairman Mike Crapo, R-Idaho, added a provision to the bill for the FHFA to review credit scoring alternatives; the FHFA currently uses FICO’s classic scoring model for loan applicants; the provision adds a new piece to the ongoing argument occurring between FICO and VantageScore; FICO and some lawmakers say the FHFA is already going through a review process for credit scores; the FHFA did ask for input on new scoring models in December and is working through the comment process. Source.
Lendflow announced its new Credit Decisioning Engine that enables fintechs and SaaS companies to build, embed and launch credit products.
In an evaluation of the mobile banking apps of 24 large banks and fintechs, Chase, Citi, Bank of America, and Capital One came out on top.
Fintech solutions are helping to lower the barrier to entry for women in emerging markets and the tools are beginning...
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Nomad is expanding its operations and increasing the possibilities for capital allocation to global assets.
With the investment, Portão 3 plans to expand its team and its line of products and services, including corporate credit cards.
Data scientists have become one of the top needed professions in banking and big tech; banks are finding it harder to compete with the likes of Google, Facebook for a number of key reasons; compensation and data structures, big tech is able to pay over a million dollars a year for premier talent and data at big tech firms is not structured like banks so they are able to work more freely; Gurjeet Singh of Ayasdi says banks can make strides by creating competitions for data scientists when they leave school and investing more in all levels of the bank to cater to talent better. Source.
Wunder Capital is a crowdfunded investment firm focused on solar energy projects; it manages solar energy funds, provides customized financing and offers loans; its 2016 report says it has originated $87 million in financing across 310 deals with zero write offs; its solar energy funds include the Wunder Term Fund with a projected 2016 annual return of 8.5%, the Wunder Income Fund with a projected 2016 annual return of 6% and the Wunder Bridge Fund with a projected 2016 annual return of 11%. Source
Wells Fargo currently has capacity to lend $10 billion to small businesses under the $349 billion government program; not surprisingly,...