Credit

The FBI is looking into whether Italy’s largest bank was also hacked; about 4.5 million people have already inquired about getting a cash settlement with the credit bureau.

Credit quality is being second-guessed after several banks reported higher 2Q charge-offs.

The bill, similar to legislation that passed the chamber last year, would permit the inclusion of items such as rent and telecom payments to help consumers build their credit profiles.

A study by FinRegLab of six nonbank lenders' use of cash-flow data in underwriting decisions finds this type of "alternative data" helps predict loan performance.

Lawmakers who called for sweeping reforms after the massive breach are likely to scrutinize the settlement with regulators and continue to push for changes.

The timing of the settlement serves as a warning to other companies of the risks they face in an increasingly data-focused economy.

After rising between 2016 and 2018, the card issuer's charge-off rates are now steady. The trend reflects both the impact of tighter underwriting standards and the continued resilience of U.S. consumers.

A bill by Rep. Patrick McHenry, R-N.C., would give the CFPB authority to oversee cybersecurity efforts at the credit bureaus.

The South Dakota company warned that it will charge off millions of dollars in loans to dairy and cattle farmers.

The decision gives the vast majority of banks and credit unions another year to implement the controversial accounting method for loan losses.