Subprime lending

To boost credit scores, FICO, Experian, Finicity want bank data

10/22/18

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.

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Chime grows to 1.7M customers, acquires credit scoring app Pinch

10/10/18

The San Francisco challenger bank is adding 150,000 customers per month and plans to expand its financial product offerings.

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Startup lender Petal launches its subprime credit card

10/02/18

The firm hopes to distinguish itself from other lenders by analyzing customer cash flow to determine the likelihood that borrowers will repay.

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Calif. investigating role of lead generators in high-cost lending

09/26/18

Gov. Jerry Brown’s administration sent letters Wednesday to 20 nonbank lenders that charge triple-digit annual percentage rates to try to determine if their use of online referrals is steering borrowers into larger loans than they want or need.

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U.S. Bank returns to small-dollar lending. Will others follow?

09/10/18

The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.

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Auto lending has stabilized, but will it stick?

09/07/18

Delinquencies have held steady for a year, and observers are optimistic about upcoming third-quarter data. But the long-term question is whether solid underwriting can overcome higher vehicle prices and consumer debt burdens.

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Race to the bottom? Nonbanks ease standards to compete for 'super' jumbos

08/21/18

New investor appetite for mortgages over $1 million is motivating more nonbank lenders to offer super jumbo loans, often with weaker credit terms than traditional banks.

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Goldman Sachs investors win right to sue as group over CDOs

08/15/18

The investors initially won the right to sue as a group in 2015 before an appeals court reversed the ruling; the $13 billion lawsuit can now proceed as a class action.

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OnDeck reports record profit in 2Q, eyes second bank partnership

08/07/18

The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced.

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Has Santander Consumer turned the corner on credit?

07/25/18

As the company boosts originations to subprime and other borrowers, it remains to be seen if the improvements in asset quality will continue. A similar question mark is hanging over many consumer lenders these days.

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