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Experian Rolls Out Industry-first ‘Text for Credit’

July 18 — Traditional means of obtaining credit can often be slow, awkward and expose consumers to risk as they disclose sensitive information in public spaces. Experian® today unveiled Text for Credit, an industry-first technology that transforms the way consumers secure credit.

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ATM Industry Group Fires Back at Visa’s ‘Cashless Challenge’

July 17 – ATMIA today released a statement questioning Visa Inc’s “Cashless Challenge” campaign. Visa’s July 12  press release outlines its plans to award up to $500,000 to 50 eligible U.S.-based small business food services if they go cashless. (more…)

CFPB Issues Ruling on Arbitration Clauses Amid Banking Industry Objections

July 17 – The Consumer Financial Protection Bureau has issued a new rule banning arbitration clauses, and it’s drawing the ire of the two major banking trade groups.  The arbitration clauses in the contracts for these products prevent consumers from joining together to sue their bank or financial company for alleged wrongdoing. (more…)

Fed Survey Points to Fewer ‘Discouraged’ Credit Applicants

July 14 – The Federal Reserve Bank of New York today released results from its June 2017 Survey of Consumer Expectations (SCE) Credit Access Survey. Regarding consumer experiences, the release shows an increase in application rates for credit over the past 12 months. The share of “discouraged” credit applicants reached a new series low, but a larger share of applications were rejected compared to the previous survey fielded in February.

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More Mortgages Current, but Foreclosures on Rise

July 13 – Performance of first-lien mortgages improved during the first quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s quarterly report on mortgages. (more…)

Visa to Help Small Businesses Go Cashless

July 12 — Visa announced it is launching a major effort to encourage businesses to go cashless. Aiming to create a culture where cash is no longer king, the program will give merchants increased ability to accept all forms of global digital payments. Visa will be encouraging and helping merchants go cashless by using innovation to their advantage in order to stay competitively connected to their customers.

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Five Ways Banks Can Lead in Financing Higher Education

By Michael VanErdewyk

There’s a high-profile lender that’s struggling to turn its ship around. Some 42 million borrowers owe this lender $1.3 trillion and its debt load continues to rise.

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Cybersecurity Task Force Releases Banker Best Practices

July 10 – State banking regulators, jointly with the U.S. Secret Service, released banker best practices for managing risks related to certain cyber threats. The best practices were developed by the Bankers Electronic Crimes Task Force, which includes bank CEOs and executive officers from banks across the U.S. In the industry best practices, the bankers identified four cyber threats that warrant continued attention by banks.

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Consumer Delinquencies Up in First Quarter

July 7 – Consumer loan delinquencies rose in the first quarter, driven by an uptick in late payments on auto loans, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in seven of the 11 individual consumer loan categories tracked by ABA.   (more…)

OCC Focuses on Cybersecurity, BSA/AML Issues in Risk Report

July 7 – Significant operational risks – particularly those related to BSA/AML and cybersecurity — were cited by the Office of the Comptroller of the Currency in its Semiannual Risk Perspective for Spring 2017. Meanwhile, credit risk concerns arising from auto lending issues cited in previous reports were downgraded, having been appropriately mitigated, according to remarks by Deputy Comptroller for Supervision Risk Management Darrin Benhart. (more…)

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