Fair Financial, a digital banking platform developed by a Twin Cities nonprofit in partnership with a local bank, launched a pilot program this week. By 2020, it plans to serve 5,000 customers across the country.
The agency's bulletin opens the door to banks' making more short-term loans to borrowers with lower credit scores — with few parameters beyond "sound underwriting."
Call it mutual respect. Bankers from mutually owned British building societies and similarly structured U.S. thrifts recently gathered in New England to address common challenges and share ideas about staying relevant at a time of rapid change in financial services. Here are the takeaways from their meetings.
