The Consumer Bankers Association and the Center for Responsible Lending said the Consumer Financial Protection Bureau should renew its efforts to level the regulatory playing field between larger bank and nonbank companies that make installment and other kinds of personal loans.

The San Francisco-based company recently raised $14 million in Series A funding and closed more than $400 million in sales in the first quarter.

The commission alleged that the company falsely told customers that they would make more money by selling to the company than it would on the open market.

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

The company’s introduction of other strategic initiatives, including a new technology partnership, will lead to the elimination of 17% of current staff.

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

Ashley D. Bell and Bernice A. King, respectively the CEO and advisory council chair of Ready Life, are teaming up to help folks with poor credit buy a home by using rent payment history for mortgage underwriting.

The partnership, which is expected to ease lending for bank statement loans, comes as the non-QM sector runs into headwinds.

StellarFi, Lamine Zarrad’s new startup, covers consumers' utility and other bills when they hit a cash-flow crunch. It then reports their repayments to the credit bureaus.

The firm cut staff from junior to senior employees in nearly every department and is left with a 325-worker headcount, a spokesperson confirmed.

The lender also announced its acquisition of Florida-based Hamilton Home Loans, which will operate as a new division within the company.

The company, which has ties to three major credit bureaus, is working with a former Fannie Mae executive in its efforts to reduce consumer costs.

The lender and its founder are accused of retaliating against the second-in-command for raising alarm over deceptive financial statements and other concerning behavior.

The 50 companies that made American Banker’s annual list are being recognized for establishing strong workplace cultures, offering robust benefits packages and giving employees the room to do their jobs well.

Companies on the Best Places to Work in Fintech list offer sabbaticals or generous vacation time, which helps attract young talent and lets veteran employees re-energize.

Breaking barriers to education unites the team at Mpower Financing, an international student loan company with employees from more than a dozen countries that is ranked No. 1 on this year's Best Places to Work in Fintech.

The white-label solution aims to provide neobanks and those in property sales with an entry into housing finance, while giving existing lenders a way to introduce new products and channels.

Sen. Cynthia Lummis, R-Wyo., says she and Sen. Gillibrand, D-N.Y., plan to release draft legislation next week that would establish a supervisory entity for emerging financial technologies and new rules for stablecoin issuers.

In the fourth quarter of 2021, home equity line of credit volume was up 31% from the same period the year before.

Cybercriminals can leverage the workflow of the digital firms against them by tossing a plethora of stolen credentials at an online loan application until they secure approvals, according to one expert.