The six bills championed by Democrats aim to reduce consumer burdens and provide opportunities for borrowers to rehabilitate their credit, but the legislation garnered no Republican support.
Under terms of the settlement approved by a Georgia court Monday, Equifax may also have to pay an additional $125 million if the initial amount doesn't cover all the claims.
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.
Casting aside recession fears, the credit bureau predicts credit cards, mortgages, auto loans and unsecured personal loans should all perform well — including those extended by online lenders.
The regulator says the bank needs to address employee complaints and pay controls; the presidential hopeful would make it more difficult for banks to combine.
Why the Toronto bank is focusing on digital features; complaints about credit monitoring plans flood CFPB; the strategies midsize banks are relying on to stimulate growth; and more from this week’s most-read stories.
Newcomers to the U.S. tend to have a hard time getting credit cards because they lack credit history here. Amex has deployed technology from a fintech, Nova Credit, that could change this.
Regulators have long warned the credit bureaus about deceptive marketing that causes consumers to sign up unwittingly for paid monitoring services. But the practice has persisted, according to complaint data.
Democratic lawmakers and consumer advocates say the remedies offered to consumers by firms like Capital One and Equifax are too difficult to access and not particularly helpful.
