Financial regulators told banks that they must prove that the use of AI in loan applications does not discriminate against minorities. The move follows growing concerns over systeming racism in banking.
Read MoreOn Saturday, Vancouver-based TerraZero completed a “metabase mortgage” transaction with a client buying virtual real estate. The “land” purchased was in Ethereum-based metaverse Decentraland.
Read MoreThrough Spring Labs’ ky0x Digital Passport, U.S. credit reporting firm TransUnion will let customers share their credit history with companies operating on the blockchain.
Read MoreFacebook is buying up $100M of unpaid invoices from small businesses who will, in turn, pay back Facebook under terms the company says are affordable.
Read MoreLendUp, an online lender aimed at credit-challenged customers, is reportedly shutting down after 9 years.
Read MoreOn the heels of the Supreme Court decision to uphold the Affordable Care Act, point-of-sale (POS) lenders see opportunities to meet the credit needs of consumers struggling to meet out-of-pocket costs.
Read MoreIn a major shift in underwriting practices, major banks are working together on a pilot program to share consumer account data in an effort to extend credit to thin-credit-file customers.
Read MoreThe Senate passed a resolution to repeal the True Lender Rule, a rule that sets parameters for partnerships between banks and third-party lenders.
Read MoreSallie Mae, which provides credit-based private student loan products to international and DACA students who apply with an eligible U.S. citizen or permanent resident co-signer, is working with fintech MPOWER Financing to deliver loans to “high promise” international students across 350 universities and colleges in cases where a co-signer is not available.
Read MorePowerPay, a King of Prussia, Pennsylvania-based home improvement financing fintech has hit a $1B milestone in loans originated on its platform as it eyes additional products and services, including insurance and other types of lending products.
Read MoreAvant, a Chicago-based digital lender that’s raised more than $600M in equity funding, and has connected more than 1.5 million customers to $7.5B in loans and 400,000 credit cards, has acquired Zero Financial and its digital challenger bank Level.
Read MoreSmall business lender BlueVine has hired Steve Allocca, former president of LendingClub, as the company’s first chief operating officer.
Read MoreThe Consumer Financial Protection Bureau (CFPB) this week issued an interpretive rule clarifying that it will enforce a federal ban on sex discrimination in lending practices, which also applies to cases where discrimination is claimed on the basis of sexual orientation or gender identity.
Read MoreCredit bureau Equifax has acquired AccountScore, a 5-year-old U.K.-based company whose technology helps businesses obtain and understand bank transaction data. Terms of the deal were not disclosed.
Read MoreNew leadership at the Consumer Financial Protection Bureau (CFPB), including the likely nomination of Rohit Chopra as director, is fueling industry speculation around possible changes to the credit system, credit bureaus, and high-interest lending.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
