In the early 1950s, an engineer named William Fair encountered a mathematician Earl Isaac who together decided to work out an automated credit scoring system for banks. In 1956, they came-up with the first version of the Fair Isaac credit score — or the FICO....
Which?, a U.K.-based consumer group, and a cross-party group of 84 MPs are taking on bank overdraft fees, demanding the Financial Conduct Authority (FCA) require banks to charge the same rages for unarranged overdrafts that they do for arranged overdrafts. According to Which?, the rates...
There is much to like in the current economic snapshot of the U.S. The overall unemployment rate has slipped below 4 percent — the lowest it’s been in nearly 20 years. After a brief dip in consumer spending early in the year, consumer enthusiasm for...
With competition increasing from the likes of hedge funds and private equity firms that are making business loans, banks are being forced to rethink how they approach that part of the business, reported the Wall Street Journal. According to the Wall Street Journal, based on...
Ant Financial, the Chinese payment affiliate of Alibaba, has more than 600 million users, the first time the company has said how large its business is. The Financial Times, citing a document making the rounds for potential investors that could take part in its latest...
It’s been a full year for SoFi, as the personal finance company attempts to get back on track after a 2017 that was, at best, tumultuous. In his first letter to investors, SoFi’s new CEO, Anthony Noto, did not directly reference the founding CEO, Mike Cagney,...
SoFi’s new chief executive officer Anthony Noto penned his first quarterly missive to shareholders highlighting the company’s mission and its company values but declining to address sexual harassment allegations against co-founder Mike Cagney, who was ousted as a result. According to a report in CNBC,...
Fair Square Financial entered the financial services world a few years ago with two observations about why the world needed another non-bank lender. The first being that the ways credit is underwritten could use a good deal more specificity. The second — according to CEO of Fair Square...
Exactly two weeks ago today (April 25), LendingClub‘s stock hit an all-time low with the announcement of an FTC-backed lawsuit alleging that it loading up its borrowers with hidden fees on loans proffered through its marketplace – and, in some cases, that it attempted to...