Less than a week after buying a firm that helps consumers find the best deposit rates, the Charlotte company said it is paying up to $39.5 million for a site that grades banking products for simplicity and fee structure.
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.
U.S. C&I loan growth has dropped below that of the eurozone for the first time in six years; bank employee says Chase discriminates against fathers when it comes to family leave.
The agency recently sent a letter to nine banks urging them to stop offering deferred interest cards, arguing that consumers are often unaware of the risks involved.
Large banks have scaled back lending as competition has intensified and credit unions and financing arms of car manufacturers are picking up the slack.
Executives at Wells Fargo, SunTrust and PNC insist that credit cards, mortgages and other consumer lines can help pick up the slack as commercial borrowers remain cautious.
