Category: Credit

May 18, 2023

Digitization has altered the business lending landscape and created competitive pressure that will continue to push solutions modernization — and consumers and businesses are ready. Digital efficiency here is key and underpins lending success. Most importantly, it improves consumer retention, […]

May 12, 2023

Credit risk and risk associated with digital origination and authentication have become top of mind for bank boards and executives. Banks that are able to optimize lending practices to give consumers faster and more efficient experiences and interactions throughout their […]

May 10, 2023

The new facility will sit alongside a previous financing facility that the company set up with Deutsche Bank’s New York branch in 2022. Headquartered in Washington DC, MPOWER Financing’s proprietary lending algorithm analyses overseas and domestic credit data as well […]

May 8, 2023

Though the mean annual percentage rate for general-purpose credit cards is about 16%, medical credit cards typically charge an APR of 26.99%, according to the report. Consumers can use the medical credit cards and financing plans to cover bills ranging […]

May 4, 2023

U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 8.25 percent from 8.00 percent, at all U.S. Bank locations. The reference rate at all Union Bank locations will also increase to 8.25 percent from 8.00 percent. […]

April 10, 2023

Capital One failed to meet customer care standards in five “critical” categories over a 12-month rolling period, the lawsuit alleged. The bank, in February, admitted in writing that it failed to meet the standards, Walmart alleged. In a statement to […]

April 10, 2023

First Republic Bank, troubled over loan values and cash outflows, stated in a regulatory filing Friday that its board has decided to suspend payments on its preferred stock. “The right of holders to receive dividends is noncumulative, and the Board […]

April 7, 2023

Bank directors know that while there are many risks that all banks face — including some serious emerging issues — the major, ever-present risk that causes the most bank failures is credit risk. The question then becomes: how well do […]

March 10, 2023

In January, Q2 released the 2023 State of Commercial Banking Report, which analyzed data from Q2’s PrecisionLender proprietary database that includes commercial relationships from more than 150 banks and credit unions throughout the United States, along with other sources. Report […]

March 2, 2023

As more credit unions take steps to improve diversity, equity and inclusion, executives and other experts are debating how much progress has been truly made since the death of George Floyd in 2020. The culture war dominating the political news […]

February 8, 2023

The Consumer Financial Protection Bureau (CFPB) recently issued a notice of proposed rulemaking to amend Regulation Z (the Proposal), which implements the Truth in Lending Act (TILA), to better ensure that late fees charged on credit card accounts are “reasonable […]

January 31, 2023

Over the past few years, numerous states have imposed interest rate caps on consumer credit. In recent blog posts, we discussed the efforts of both Michigan and New Mexico to impose a 36% annual interest rate cap. Last year, Congress […]

January 30, 2023

The company says the new funding facility will enable it to increase loan originations and grow its portfolio as it looks to accelerate its growth. It also plans to expand its product offerings to include retirement interest-only mortgages, term mortgages […]

January 12, 2023

San Antonio-based Frost Bank prides itself in its ability to offer its customers services they want, Blair McGrain, the bank’s chief marketing officer attests. That’s why the $52.9 billion-asset institution is bringing back a product it hasn’t offered since 2000: […]

January 4, 2023

The Consumer Financial Protection Bureau and New York’s attorney general sued subprime auto lender Credit Acceptance Corp. Wednesday for deceiving borrowers about the true cost of car loans, violating state usury laws and failing to disclose charges and terms to […]

December 29, 2022

Fears are simmering that inflation (and aggressive interest rate hikes to fight it) could push the economy into recession in 2023. Historically, the combination has indeed caused economic turbulence. The Federal Reserve this year lifted rates multiple times. Collectively, they […]

December 27, 2022

Rocket Mortgage, part of Rocket Companies (NYSE: RKT), today introduced Purchase Plus, a special purpose credit program intended to increase accessibility to homeownership in underserved communities. The new initiative offers up to $7,500 in credits for first-time homebuyers to use […]

December 14, 2022

U.S. credit card and personal-loan delinquencies are likely to rise in 2023 to the highest in a dozen years, with lenders cutting back on originations as a potential recession looms. Serious card delinquencies are expected to climb to 2.6% at […]

December 8, 2022

In 2021 and 2022, the nation’s financial regulators began sharing their future expectations for banks related to the growing concern of climate risk. Their particular emphasis is focused on the impact of climate change on an institution’s credit risk. While […]

December 7, 2022

The mandate that credit furnishers, like banks, provide accurate account data to credit reporting agencies can be overwhelming. This information is disclosed in files that follow the standard electronic data reporting format called Metro 2®. To manage this tremendous task, […]