Category: Credit

December 1, 2023

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, […]

October 26, 2023

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 […]

October 23, 2023

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 […]

October 19, 2023

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 […]

October 18, 2023

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 […]

October 3, 2023

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 […]

September 29, 2023

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 […]

September 28, 2023

The equity investment comes from IAG Silverstripe, who exclusively led its $30 million Series A round in September 2022, as well as from the lender’s existing backers. With the new funds, the newly-licenced bank aims to launch Perenna Mortgage, its […]

September 26, 2023

As BNPL has soared in popularity, more research and polling is being conducted to understand who’s using it and how. To dig deeper into the background and circumstances of people who both receive and use BNPL offers, New York Fed […]

September 20, 2023

Community banks have long played a pivotal role in supporting small businesses, providing the necessary capital for local entrepreneurs growing or expanding their ventures. It is estimated that community banks account for approximately 60% of small business loans, according to […]

August 24, 2023

Four large banks will pay $499 million to settle a class-action lawsuit levied against them in 2017 by U.S. pension funds over the banks’ alleged attempts to thwart competition in the stock-lending market. JPMorgan Chase, Goldman Sachs, Morgan Stanley and […]

August 10, 2023

Citing a survey result, Greenlight says 84% of teenagers between the ages of 18 and 19 have zero credit history, limiting their opportunities to get their first job, or buy a car and a home. Additionally, Greenlight’s research suggests that […]

August 9, 2023

The company says its latest offering, SumUp Cash Advance, will help merchants in the UK finance their operations by furnishing advances of up to £20,000 based on their payment history. Merchants can then pay the advances back through payment acceptance […]

August 1, 2023

Banks have tightened lending standards as the Fed, beginning in March 2022, raised interest rates 11 times — the most aggressive pace in four decades. Policymakers, aiming to curb inflation to the central bank’s 2% target, increased the federal funds […]

July 26, 2023

The Long-Term Effects Felt by Lenders Nationwide. As a result of the United States government instituting the Paycheck Protection Program (“PPP”), companies nationwide have defaulted on hundreds of thousands of PPP loans, and some say that fraud could be an […]

July 25, 2023

Today’s elevated interest-rate environment is challenging banks with managing their interest-rate risk while meeting the needs of their customers, especially commercial borrowers. With interest rates constantly fluctuating, navigating these complexities to stay competitive and protect relationships may seem difficult. But […]

July 18, 2023

Last Friday, ten banking and payments trade associations, including the Electronic Payments Coalition, wrote a joint letter to Congress stating “strong opposition” to the Credit Card Competition Act, and a related amendment proponents of the bill seek to attach to […]

July 17, 2023

On July 12, the CFPB and the State of Maine filed an amicus brief in the Maine Supreme Judicial Court arguing that determining whether a loan is covered by TILA requires an assessment of the borrower’s primary purpose in entering […]

July 12, 2023

U.S. Bank is expanding access to homeownership with the launch of U.S. Bank Access Home Loan, a mortgage Special Purpose Credit Program (SPCP) that provides up to $12,500 in down payment assistance and up to an additional $5,000 lender credit. […]

July 6, 2023

On May 9, Warren and six other senators sent the CEOs of the 10 largest U.S. credit card issuers a letter demanding details about their companies’ late fee practices and citing a CFPB effort to curtail those fees. The issuers […]