Credit

New service provides credit scores to members via mobile, home banking.

Senators at a hearing Thursday discussed a bill establishing an online portal for consumers to monitor their credit reports free of cost.

Good times end eventually. And it is inevitable that some new approach to banking will cause financial institutions to fall flat in a downturn.

Provident Financial said it increased its allowance against a commercial loan after discovering that the borrower overstated the value of its collateral.

Virginia National will set aside up to $950,000 to cover losses after ReliaMax, a firm that issues surety bonds for student loans, was placed into liquidation.

Turnover of chief risk officers is on the rise as CEOs look to add executives whose experience goes far beyond assessing credit risk. Sometimes they are promoting from within, but often they are poaching talent from rival banks.

The legislation, authored by Rep. Keith Ellison, D-Minn., is aimed at helping lower-income consumers build their credit histories.

The two Wall Street firms anxiously await the second round of stress test results; Commerzbank is working on using technology to generate basic research notes.

Most lenders are staying the credit bureau course in underwriting but some are mulling changes, particularly when it comes to marketing.

The advisory vote came two weeks after Preferred Bank in Los Angeles disclosed a major loan default.