Credit

Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers.

Cash Express LLC allegedly sent customers threats of legal action even though the time for taking legal action had expired.

A detailed breakdown released by the agency shows residents in California, Florida and Texas having submitted the most complaints about a financial institution, but D.C. had the most per-capita complaints.

A new credit score that includes consumers' cash flow alongside their credit score is winning praise for its potential to help expand access to credit, but some worry it gives the credit bureaus even more data that could be compromised.

The agency’s biennial survey showed gradual improvement in access to mainstream banks, but over 14 million adults lack ties to a federally insured institution.

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.

Brian Johnson, the agency’s second-in-command, wields much power; Fair Isaac is planning changes to credit scoring to boost approvals.

The Stamford, Conn.-based company reported 9% growth in net interest income and 14% growth in loan receivables during the third quarter, attributing the improvements to addition of the PayPal Credit portfolio in early July.

The Wisconsin company expects outstanding loans to decreased from current levels, particularly due to paydowns tied to commercial real estate loans.

The Federal Reserve System is trying to be proactive in these and other high-profile areas, offering educational materials and coaching to bank execs and directors, according to supervision officials at the St. Louis and Richmond Fed banks.