The people-helping-people model proffered by LendingClub and others quickly foundered, but several startups aim to bring it back with the help of distributed ledger technology.
Billionaire’s bid to buy MoneyGram is his latest setback trying to crack the U.S. market; banks want to stick with FICO while nonbanks want to use VantageScore.
The digitally savvy lender MyBucks, which has lent money through a smartphone app and chatbots on WhatsApp and Facebook Messenger, could be a good role model for U.S. banks thinking of using AI in credit decisions.
The two government-sponsored enterprises have relied on the “classic” FICO credit scoring model for the past 12 years. But the Federal Housing Finance Agency is weighing whether the GSEs should upgrade to more recent scoring alternatives.
Acting director Mulvaney has major concerns about cybersecurity at the agency; the commission says a Canadian company's initial coin offering is a 'scam.'
The Consumer Financial Protection Bureau settled a $1.1 million enforcement action on Monday with Xerox Business Services, alleging that its software misreported borrower information to credit reporting agencies.
The Consumer Financial Protection Bureau said 42% of car loans issued in the last year had a repayment term of six years or more, a huge leap over the 26% of car loans that had such longer terms in 2009.
