Renaud Laplanche, one of the first fintech disruptors, is launching an unusual type of credit product at Upgrade, his new company, that is a cross between a credit card and an unsecured loan.
The Upstart Network, the first and only startup to participate in the bureau’s program for promising digital platforms, claims that using nontraditional credit data items has helped loan volume and affordability.
Readers react to Capital One's massive data breach, raise alarm to The Bancorp's expansion in CRE securitizations, defend fintechs offering retirement plans and more.
The bill, similar to legislation that passed the chamber last year, would permit the inclusion of items such as rent and telecom payments to help consumers build their credit profiles.
A study by FinRegLab of six nonbank lenders' use of cash-flow data in underwriting decisions finds this type of "alternative data" helps predict loan performance.
Since last fall, when the value of digital money plummeted, lenders have been pushing people who have paper profits to leverage them into cash by borrowing against their cryptocurrencies. And the fact that there's no tax bill on the transactions is a big selling point.
Some fintechs have figured out how to provide international students and immigrants with credit cards and loans. Machine learning makes the underwriting possible.
One bank's push to use Ripple's XRP in cross-border payments; LendUp spins off credit card business, names new CEO; a worrisome resurgence of rivalry among the banking agencies; and more from this week's most-read stories.
