The measure would release $2 million in funding for the U.S. Postal Service to launch pilot programs to provide basic services such as checking accounts and bill payment.
Millions of Americans have yet to receive their stimulus checks, leading progressives to demand reforms improving underbanked consumers’ access to the financial system.
Goldman Sachs plans to offer details into its workings to boost its stock value; while challenger banks are prospering, traditional banks still rule the roost.
Financial regulators’ statement cautiously encouraging banks to go beyond traditional underwriting in their lending decisions is a big step forward for the use of alternative data and artificial intelligence, bankers say.
Melissa Koide, co-founder and CEO of FinRegLab, analyzed loan data from six lenders that use cash-flow data in their underwriting. She shares what she found.
Few fees, automated savings and social media engagement all reel in the 23- to 37-year-old set and present a competitive threat to big, traditional banks, according to CEO Chris Britt.
