MINNEAPOLIS - (07/29/04) -- Fair Isaac has launched a new FICOscore designed specifically for the underserved market-those peoplewho don't have regular credit scores because they little or nocredit history with traditional financial institutions. "In thepast, many [financial institutions] simply turned down a loanapplication from someone who didn't have a credit score," said FI'sCraig Dillon. "But just because someone isn't in one of thenational [credit risk assessment programs] doesn't mean they'reautomatically a credit risk....If you aren't in the traditionallending system, perhaps because you are new to this country, or youare young, for example, it is very hard to break into it. This newscore can help." Fair Isaac estimates that about 160 million peoplewere already covered by the company's traditional FICO scores butthat approximately 50 million didn't have enough credit history togenerate a score for them. Using alternative consumer data-such aspayday loan performance-FI can now provide a credit score for about25 million of those "unbanked."
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27