Retail & Commercial

BayFirst Financial in Florida is using gross — not net — income to calculate how much credit smaller enterprises can be granted. Company officials say the Paycheck Protection Program used that approach with great success, but others contend the practice is risky for private-sector lenders.

Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.

The San Francisco fintech collected $1.6 billion in deposits during the second quarter after buying a small bank earlier this year. Though SoFi pays relatively high rates to its depositors, CEO Anthony Noto said the company's funding costs are far lower than they were before the bank acquisition.

The agency must take a principles-based approach rather than trying to cover every possible issue in detail.

Equifax said some consumer credit scores were changed because of a computer error that has since been rectified.

Toronto-Dominion Bank is looking to bolster its stateside capital markets business with the acquisition of Cowen. The deal comes even as the Canadian banking giant awaits approval of another merger that would make it a top-six U.S. bank.

Equifax provided inaccurate credit scores on millions of U.S. consumers looking for loans, The Wall Street Journal reported, citing bank executives and people familiar with the matter it didn't identify. 

Even though delinquency rates were previously at extremely low levels, the recent uptick among poorer consumers is worth monitoring, New York Fed researchers said.

Ford Motor Co.'s application for an industrial loan company charter with the Federal Deposit Insurance Corp. will compel the regulator to articulate its stance on future applications.

The Massachusetts bank used data analytics to improve onboarding, cross-sell more effectively and prevent attrition.