Big Banks vs. Silicon Valley Startups – Whose Customer Financial Data Is It Anyway? Mixed Bank Earnings; PeerIQ’s Modeling Archive...
With most workers now at home banks and other financial services companies have struggle with how best to monitor production...
With their recent acquisition of Credit Karma still fresh in everyone’s minds Intuit is rumored to be eyeing more fintechs;...
Bill Harris is the former CEO of PayPal and Intuit and is also the founder and CEO of Personal Capital;...
The lead regulator for broker dealers has launched an Office of Innovation to focus on the growing importance of fintech;...
AltFi has compiled a list of the fintech companies that have started new initiatives to help consumers during challenging times;...
Legislators have reintroduced a bill that would enable alternative credit scoring to be used by Fannie and Freddie for evaluation of mortgage loans; these government sponsored enterprises currently use a FICO credit scoring model which legislators believe is outdated; legislators have now proposed the Credit Score Competition Act which would allow for use of alternative credit scoring models that also take into consideration a broader range of factors. Source
Experian has partnered with Finicity to launch Digital Verification Solutions, a service that leverages Finicity's technology to connect with financial institutions for verifying income and assets; Experian is the first credit bureau to offer this type of solution; in addition to offering an enhanced service, the solution is also intended to help lenders broaden their credit underwriting for thin file borrowers; Finicity is also working with other lenders to help improve verification processes and shorten the end-to-end processing time for lending. Source
The US marketplace lending industry has matured with a number of self-regulating industry associations however the evolution of the industry and its integration into mainstream financial services has brought about increased regulatory attention which was one prominent topic for discussion at LendIt USA; HousingWire details the keynote speeches from Thomas Curry and Patrick McHenry also discussing insight from Amias Gerety; Richard Cordray from the Consumer Financial Protection Bureau was also a featured keynote speaker discussing government regulatory efforts pertaining to the industry. Source
The House passed an appropriations amendment which included $2mn for a postal banking pilot program; postal banking has gained momentum...