The CFPB has promised an equal-access rule for small-business lending for nearly a decade. But Apple’s recent discrimination inquiry into its credit card could force the agency’s hand.
The fast-growing fintech, which says its mission is helping banks be better consumer advocates, will use its cash infusion for hiring, software development and new partnerships.
An all-virtual future remains far off, as conversational programs still aren’t capturing the nuance of speech and chatbots have disappointed many customers.
A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions.
A whistleblower charges that during the Obama administration, Treasury's Office of Financial Research manipulated information that it provided during a review by the Governmental Accountability Office.
Alternative data can be beneficial for individuals locked out of the financial system’s more conventional data types, but such data is open to manipulation or biased interpretation.
