= Subscriber content; or subscribe now to access all American Banker content.
Equifax and TransUnion have stopped selling traditional credit reports, forcing lenders to buy their new, more expensive "trended" data reports that mortgage investors aren't using yet.

Top Stories

Many lenders are still reluctant to give mortgages to borrowers with less-than-pristine credit, yet such loans are far more likely than prime jumbo loans to be bundled into collateral bonds. Sreeni Prabhu of Angel Oak Capital credits banks' behavior and higher interest rates for that reality.  more »
The U.S. Chamber of Commerce and 28 other business groups urged the Consumer Financial Protection Bureau to withdraw its proposal on arbitration and "go back to the drawing board." Their joint letter was one of thousands submitted to the agency.  more »
Until recently, credit unions rarely used arbitration clauses, and were praised by consumer advocates for pro-customer practices. But credit unions have learned to embrace the use of arbitration clauses – and now oppose the Consumer Protection Bureau’s plan to rein them in.  read more »
FinTech Forward
A Secure Alternative to Screen Scraping
Screen scraping is an out-of-date way to share transaction data with mobile apps and services. It's high time for banks to invest in OAuth, a protocol that lets customers access their financial data in a portal of their choosing and is secure.  read more »
Months after advocating for a blockbuster sale of Comerica, Hudson Executive Capital has slashed its stake in the company, as chatter about a potential deal has fizzled. Still, the firm is credited with pushing the struggling regional bank to adopt a surprisingly aggressive turnaround plan.  read more »
Medallion Financial, trying to diversify beyond its traditional business of financing taxi drivers, plans to issue loans on behalf of web-based lenders. But that new strategy faces some potential pitfalls.  read more »
United Bankshares in West Virginia has quietly become a $14 billion-asset player in its region thanks to the M&A strategy of its highly respected leader, Richard Adams, who has a way of establishing a rapport with community bank chiefs. One recent seller is a repeat customer.  read more »
New specifications for Fannie Mae and Freddie Mac's common mortgage application unveiled Tuesday add data points and remove obsolete questions, as well as include additional capabilities to promote digital mortgage workflows.  read more »
Moving Money Across Borders, Phone to Phone
Bill Barhydt, founder of startup Abra, explains how his company's mobile app uses bitcoin as a payment rail for cross-border remittances while solving the foreign exchange risk and last-mile problem that have hampered adoption of the cryptocurrency.