The current risk-based pricing model for lending has allowed more consumers to qualify for credit, while alternative data sources could help consumers without traditional credit histories build credit, an industry representative said during a Wednesday (May 26) House subcommittee hearing on consumer credit reporting. Get...
More than one in 10 mortgage borrowers participated in a mortgage forbearance during the past year for at least a month, but many of them left forbearance by March 2021, officials from the Federal Reserve Bank of New York said in a Wednesday (May 19)...
Long after nearly $800 billion in Paycheck Protection Program (PPP) life-line loans were rapidly dispersed to ailing businesses during the height of the pandemic, a much more methodical accounting of the process has revealed its strengths and weaknesses — at least for the many upstart...
eBay is launching a new financial services tool — Capital for eBay Business Sellers (CEBS) — that will extend loans to the small businesses selling on its platform in the U.K., Financial Times reported. Get the Full Story Complete the form to unlock this article...
Dozens of companies sought and received federal assistance through the Payroll Protection Program (PPP) that Congress created to help small businesses survive COVID-19 shutdowns, and then went on to reap large payouts by going public, The Wall Street Journal reported. Get the Full Story Complete...
The U.S. Department of Justice is conducting a civil probe into whether some FinTechs distributing federal Payroll Protection Program relief botched loan sizes, Reuters reported, citing numerous unnamed sources. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access...
Banks have softened standards for household and commercial loans in the first quarter of 2021, following a year-long trend of tightening due to the economic effects of the coronavirus pandemic. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
U.K. banks are bracing for an avalanche of requests by businesses to extend terms for the Bounce Back Loan Scheme (BBLS), designed to provide quick access to funds amid the coronavirus pandemic. Get the Full Story Complete the form to unlock this article and enjoy...
The Paycheck Protection Program (PPP) has a problem with its forgiveness program, according to the Credit Union National Association (CUNA), which wrote to the House Small Business Committee for its hearing on SBA pandemic response programs. A lot of funds have gone out, CUNA affirms,...
