Top

Category: Credit


Capital and Risk, Credit, Regulations

CFPB to cap credit card late fees at $8 and increase accountability among issuers

March 8, 2024

Via: FinTech Futures

The ruling has lowered the charge from its previous figure of $32, in a move that the regulator hopes will save account holders more than $14 billion a year while axing what it describes as business models founded on “penalties, […]


Capital and Risk, Credit

Blackstone buys $1.1bn of US credit card debt from Barclays

February 28, 2024

Via: FinTech Futures

The deal with see the bank transfer the debt from its branded credit card programme in the US to Blackstone’s credit and insurance segments, which were consolidated last September. Barclays says the transaction is part of a move to release […]


Capital and Risk, Credit

Commerce Bank taps Temenos for loan origination solution

February 22, 2024

Via: FinTech Futures

Temenos, which has recently been forced to refute allegations made by Hindenburg Research of client dissatisfaction and accounting irregularities, claims its Infinity system will provide the US private bank with increased operational efficiency and personalised customer experiences. Commerce says it […]


Capital and Risk, Credit

Neon Money Club launches dating app for those with good credit

February 21, 2024

Via: Banking Dive

On Valentine’s Day, fintech Neon Money Club launched an app to help financially like-minded people find love. Potential suitors will find one unusual hurdle prior to swiping right, though: They must have at least a 675 credit score. The app, […]


Activity, Capital and Risk, Credit, Retail Banking

US Bank partners Pagaya Technologies for inclusive lending with AI

February 16, 2024

Via: FinTech Futures

The partnership will see the bank adopt its partner’s embedded lending technology and credit intelligence network to induce a “second review” of a loan application should the applicant fail to meet its traditional lending requirements the first time around. A […]


Capital and Risk, Credit

2023 Year in Review: Credit Reporting

February 15, 2024

Via: JD Supra

The CFPB’s announcement of a proposed rulemaking to remove medical bills from consumers’ credit reports, as well as the special focus placed on medical debt in its annual report, indicates that reporting medical debt will continue to be a priority. […]


Capital and Risk, Credit

Credit unions should expect increased supervision from NCUA on overdraft/NSF fees, vendor risk, and fair lending

February 9, 2024

Via: JD Supra

On February 6, 2024, National Credit Union Administration (NCUA) Chairman Todd M. Harper spoke at a Brookings Institution event to outline his regulatory agenda and supervisory priorities for 2024. His prepared remarks addressed the 90th Anniversary of the Federal Credit […]


Activity, Capital and Risk, Corporate Banking, Credit

SellersFi, Amazon team up to offer up to $10M in credit lines

January 31, 2024

Via: Banking Dive

SellersFi, a global e-commerce financing and financial services company, is partnering with Amazon Lending to offer eligible sellers credit lines of up to $10 million, the companies announced Tuesday. CEO and co-founder Ricardo Pero said the credit lines are targeting […]


Capital and Risk, Credit

BNPL lender Sunbit secures $310m debt facility with Citi and Ares Management Credit

January 31, 2024

Via: FinTech Futures

The facility builds upon a previous $250 million debt facility the fintech landed with Credit Suisse and Waterfall Asset Management in December 2022. Founded in 2016 and based in Los Angeles, USA, Sunbit provides a buy now, pay later (BNPL) […]


Capital and Risk, Credit

Credit card delinquencies rise, especially for low-income earners

January 24, 2024

Via: Payments Dive

The Fed’s report documented the financial squeeze that creditors, especially low-income consumers, were experiencing in recent years, due to rent, auto and credit card payments. More than half of low-income (57%) and moderate-income (53%) consumers were rent-burdened in 2021, meaning […]


Capital and Risk, Credit

CFPB proposal would cut overdraft fees as low as $3

January 17, 2024

Via: Banking Dive

A rule proposed Wednesday by the Consumer Financial Protection Bureau could reduce — to between $3 and $14 — the overdraft fees charged by banks with more than $10 billion in assets. Under the proposed rule, banks would classify overdraft […]


Capital and Risk, Credit

CFPB issues annual report on college credit card agreements

December 27, 2023

Via: JD Supra

Last week, the CFPB released its twelfth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with […]


Capital and Risk, Credit

CFPB Imposes Industry Ban on Medical Debt Collector

December 18, 2023

Via: JD Supra

On December 15, 2023, the CFPB announced a settlement with a medical debt collector to resolve allegations that it violated the Fair Credit Reporting Act (“FCRA”), its implementing Regulation V, the Fair Debt Collection Practices Act (“FDCPA”), and the Consumer […]


Capital and Risk, Credit

Who wants Apple’s credit card? Analysts weigh in.

December 1, 2023

Via: Payments Dive

As tech giant Apple winds down its partnership with investment bank Goldman Sachs, it will need to find a new card issuer to back its credit card. And given the size of the business, there’s a small pool of suitors, […]


Capital and Risk, Credit

U.S. Bank claims spot in the BNPL space

October 26, 2023

Via: Banking Dive

U.S. Bank stepped into the buy now, pay later space Tuesday with the launch of Avvance, a new point-of-sale lending product. Similar to other BNPL checkout experiences, an Avvance button will now pop up at checkout on the websites of […]


Capital and Risk, Credit

CFPB Announces Large Banks and Credit Unions May Not Charge for Account Information

October 23, 2023

Via: JD Supra

The Consumer Financial Protection Bureau (“CFPB”) announced last week the publication of an Advisory Opinion regarding “Consumer Information Requests to Large Banks and Credit Unions.” The Advisory Opinion applies to “large banks and credit unions”, which means those with $10 […]


Capital and Risk, Credit, Regulations

Senate votes 53-44 to block CFPB data collection rule

October 19, 2023

Via: Banking Dive

The Senate voted Wednesday, by a 53-44 tally, to repeal the Consumer Financial Protection Bureau’s small-business data collection rule. The rule, issued in March, has drawn criticism over the specific pieces of information it seeks to collect from small-business owners […]


Capital and Risk, Credit

US regional banks earn more on loans but warn on rising deposit costs

October 18, 2023

Via: Yahoo

Several U.S. regional banks beat analysts third-quarter profit expectations on Wednesday as higher interest rates allowed them to charge more for loans, although rising loan loss provisions and deposit retention costs crimped margins. Shares of several regional banks fell, including […]


Activity, Capital and Risk, Credit, Retail Banking

Credit card debt tops $1 trillion, before the holidays even arrive

October 3, 2023

Via: Payments Dive

Holiday shoppers this year may have less room on their credit cards, and little enthusiasm for making that worse. In July, 61% of U.S. consumers lived paycheck to paycheck, 2 percentage points more than a year ago, according to research […]


Capital and Risk, Credit

U.S. Bank Receives $55 Million in New Markets Tax Credit Allocation

September 29, 2023

Via: Yahoo

U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, and its community development entity (CDE) – USBCDE, LLC – received $55 million of New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury. The allocation is part of […]