WASHINGTON - (05/16/05) -- Several House members called onlenders last week to consider expanding the use of alternate formsof credit records for those loan applicants without formal credithistory. Members of a House Financial Services subcommittee agreedthat millions of credit-worthy Americans without formal creditrecords could benefit from the use of information as rental andbill payment to help lenders assess their creditworthiness, butthey stopped short of endorsing a legislative fix. Lawmakers fromboth parties, as well as representatives from credit bureaus,lenders and consumer advocates all agreed that both businesses andconsumers would benefit from a standardized evaluation process foralternative credit information. "The Congress is showing aninterest in a subject matter that may affect 35 to 50 millionpeople who may not have a full credit reporting history," said Rep.Michael Castle, R-Del.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
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In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
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