Thinking outside the (credit) box
Special-purpose credit programs build on data sharing to expand lending outreach.
Special-purpose credit programs build on data sharing to expand lending outreach.
Federal agencies should be held to the same standards as private companies when protecting consumer data and reporting cybersecurity incidents, ABA and two financial sector trade associations said in response to legislation that would upgrade the federal government’s cybersecurity procedures.
While artificial intelligence and machine learning have enormous potential, Federal Reserve Vice Chairman for Supervision Michael Barr cautioned that “they also carry risks of violating fair lending laws and perpetuating the very disparities they have the potential to address.”
A survey of 86 central banks found that most respondents are engaged in work concerning central bank digital currencies, and uncertainty is fading about their likelihood to issue CBDCs in the near future.
Full-population testing eliminates the potential for unknown compliance violations and empowers financial institutions to address issues quickly.
A practical guide to preparing for the Section 1071 small business lending data collection.
Roughly four in five bank customers say they are aware of buy-now-pay-later services, with a third saying they have used a BNPL service within the past 90 days, according to a new survey by J.D. Power.
The CFPB has expanded its expertise in data science and analytics to identify fair lending violations as technologies such as artificial intelligence are more widely used in financial products, the agency said in its annual fair lending report to Congress.
In today’s environment of elevated interest rates and a tech sector market correction, how is the banking-as-a-service landscape shaking out?
Banks can use low-code no-code tools to drive innovation and customize and automate workflows even if they don’t have staff with highly technical coding experience.