Next month, credit bureaus will have to drop information about tax liens and civil judgments from credit scores unless they can independently verify the data. Eva Wolkowitz of the Center for Financial Services Innovation and Sarah Davies of VantageScore discuss.
Michael Blume oversaw the controversial effort to crack down on consumer fraud by pressuring banks to cut off certain merchants’ access to the U.S. payment system.
The CFPB and others believe alternative data could provide more credit to the unbanked. Small banks and credit unions, however, have lingering concerns about breaking from traditional underwriting.
The chatbot at DBS’s digital bank in India handles most customer service questions but can also sense when it is time to hand something off to a real person.
The Fed is preparing to release the results of its annual stress tests in what is likely to be the last iteration of the post-crisis supervisory program before sweeping changes are made.
Following are notable cases where banks were tripped up by the Fed's stress tests either by flunking the numbers (or quantitative) part of the test or raising red flags on a qualitative basis.
Sen. Elizabeth Warren, D-Mass., asked Federal Reserve Chair Janet Yellen on Monday to remove 12 Wells Fargo board members because of the fake-accounts scandal.
Tim Welsh will succeed Kent Stone, who is retiring. In his new role, Welsh will oversee the bank’s overall consumer and small-business strategy, as well as digital activities.
Online retailers are investing in physical stores to build stronger customer relationships, but banks are reducing their footprints and ignoring opportunities to make customers happy.
