MyBucks and its subsidiary, New Finance Bank, have opened 4,200 digital banking accounts and provided 72 loans at a Malawi branch said to be the first of its kind in a refugee camp.
The agency’s flawed methodology for determining interest rate caps on certain accounts poses risks for banks offering free, low-deposit checking and the financial system more broadly.
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Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers.
Information about new account holders pulled from Bank of America, JPMorgan Chase, U.S. Bank, and Wells Fargo contradicts the notion that the previously unbanked turn into costlier customers.