News Topic: credit
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FTC settles with Dun & Bradstreet over business credit reporting errors
Fannie Mae to include rent payments in underwriting
In shift to cards, Wells Fargo shutting personal credit lines
Payments cards, credit monitoring: What's next for installment lenders
One in three consumers spotted errors in credit reports, study finds
Disclosure's great, but what consumers really need is protection
In "Democracy Declined," Duke public policy professor Mallory SoRelle argues that policymakers should be more aggressive in combating unfair lending practices. ... Read full article
A world of regulatory pressure on installment lenders
The fast-growing buy now/pay later industry is drawing scrutiny from legislators and regulators who fear it could become predatory. ... Read full article
Loss provisions, low interest rates could threaten profits, OCC says
While national banks have remained strong during the pandemic, they are still navigating risks from a murky credit environment and other potential warnings signs, according to a report by the Office of the Comptroller of the Currency. ... Read full article
Now is not the time to freeze small-business lending
Credit is tightening to 2008 levels at a time when small businesses need help the most, former SBA chief Karen Gordon Mills says. ... Read full article
OCC announces initiative to expand credit access in Los Angeles
The effort is the first offshoot of Project REACh, which is designed to bring together business leaders, government officials and advocates to help improve financial services options for disadvantaged communities. ... Read full article
States entice fintechs by giving them freedom to experiment
Florida and West Virginia recently joined four other states in setting up regulatory sandboxes that allow startups to test products with consumers without obtaining a license. ... Read full article
Does Fed already have the power to tackle racial inequality?
The Federal Reserve could ease capital rules, foster the creation of special-purppose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say. ... Read full article
Fiserv sees existing credit lines as cure for PPP limitations
The race to provide coronavirus relief for small businesses is opening new routes to fund payments, including underused credit lines. ... Read full article
The final CRA rule is in. Here’s why it’s better.
Comptroller of the Currency Joseph Otting says the revised Community Reinvestment Act will provide more credit access to communities in need and won't, as some had feared, create new thresholds for grading banks. ... Read full article
Alternative data could be lifeline for consumers needing credit
Congress should pass legislation authorizing use of nontraditional data sources to make credit more available to consumers who’ve taken a hit from the coronavirus pandemic. ... Read full article
Businesses hitting credit lines; Coronavirus could put banks in the red
Corporations have tapped more than $124 billion in lines in the past three weeks; rating agency says virus “could wipe out a full year of U.S. banking profits.” ... Read full article
Fed announces aggressive actions to boost liquidity amid virus turmoil
The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities. ... Read full article
Fed again moves to calm markets; Dimon out of hospital
The central bank will inject $1.5 trillion into the money market, including buying more longer-term bonds; JPMorgan says its CEO “is doing very well” as he recovers from heart surgery. ... Read full article
Credit reporting bill passes House but faces long odds in Senate
No Republicans voted for the package of bills intended to overhaul the credit reporting system, casting doubt on its chances in the GOP-controlled Senate. ... Read full article