A no-action letter from the Consumer Financial Protection Bureau lets Upstart Network use data such as cellphone bills and employment history when making loan decisions. Affirm and Avant are among online lenders that use similar underwriting methods.
Iowa is a high-talent, low cost location A high concentration of educated professionals and a low-cost environment are two reasons why Chief Executive said Iowa is one of the best places for financial services companies to do business. Simply put, Iowa is where smart money lives. Find out more.
The Equifax data breach highlights a need for credit-scoring agencies to be held accountable for cybersecurity practices because they possess comprehensive and sensitive consumer data, Consumer Financial Protection Bureau Director Richard Cordray says. Cordray would not comment on speculation he is going to run for Ohio governor.
5 Cures for Business Growing Pains A growing business is a successful business, but it comes with its own set of complications. Growing pains can arise from new employees, added roles and responsibilities, and a premium on office space. Read this informative e-book for five practical tips to managing your growing office space.
JPMorgan Chase is assisting customers affected by Hurricane Irma by waiving or refunding late fees on mortgages, auto loans and credit cards through Sept. 24. Overdraft and service fees also are being waived.
The Federal Trade Commission has launched an investigation into Equifax's data-security practices in light of a breach affecting 143 million consumers. The House Oversight and Government Reform Committee also has opened an investigation and seeks documents and a briefing from Equifax.
President Donald Trump says he has not yet picked a successor to Federal Reserve Chair Janet Yellen, noting the "country is doing well." "I like her and I respect her, but I haven't made that decision yet," he said.
US banks will improve governance and controls in response to feedback from the Federal Reserve after the Comprehensive Capital Analysis and Review. "The governance aspects of models tends to be trailing behind relative to model validation and development," said Manan Rawal of HSBC.
Sen. Elizabeth Warren, D-Mass., and 11 other Democrats plan to introduce a bill to require companies to freeze consumers' credit for free. Warren has started an investigation into Equifax's data breach.
Scott Mabry outlines 10 ways to reduce misunderstanding between leaders and their employees. "The gap between what we think people understand and what is really going on in their minds is almost always much bigger than we think," he writes.
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