A spike in income volatility has some banks working on ways to help people cope, and now the fintech think tank Y Combinator Research is planning to test a possible solution, albiet a controversial one. Have you heard of "universal basic income" yet? You probably will.
While the courts have affirmed cities’ right to file predatory lending suits, they are also now holding them to a much higher standard in proving that banks knowingly steered minority borrowers into high-cost home loans.
The promise of fintech is that it might offer underbanked consumers access to financial products. But some are worried that relying on algorithms to make credit decisions could open up problems of its own.