To make it easier for lenders to access real-time cash flow data, the FinTech Plaid has introduced a new hosted experience for its flagship product Plaid Link. The fully hosted, on-demand experience allows lenders to access consumer-permissioned cash flow data through Plaid during their underwriting...
SoFi has debuted a tool to help consumers pay off student loans and still save for retirement. The personal finance company’s SoFi at Work unit on Thursday (June 8) unveiled its student loan verification (SLV) service, launched in response to a recent change in retirement...
Citizens Financial Group will stop originating indirect car loans effective July 1. The financial institution will retain and continue to service the existing auto loans on its balance sheet, Citizens said in a Wednesday (June 7) press release. “As Citizens continues to optimize its balance sheet, this...
Smaller businesses have begun cutting back as banks impose tougher lending standards. As The Wall Street Journal (WSJ) notes in a Thursday (June 1) report on the phenomenon, merchants are having trouble getting new loans, seeing credit lines cut, or are facing higher borrowing costs,...
OneMain Financial, a nonbank personal loan installment lender, has been slapped with $20 million in redress and penalties by the Consumer Financial Protection Bureau (CFPB) for alleged deceptive sales practices. The CFPB accused the lender of duping borrowers into purchasing add-on products to receive a...
The federal government reportedly has a plan to help borrowers behind on their mortgage payments. The Federal Housing Administration (FHA) is expected to unveil its plan Wednesday (May 31), The Wall Street Journal (WSJ) reported. It would temporarily lower payments for borrowers who are behind,...
Inflation is raging and credit card debt is at record levels. Merchants who want to help convince consumers at the point of sale to commit to the sale can leverage omnichannel financing as part of their strategy. And as Versatile Credit Chief Technology Officer Joe Sharp told PYMNTS, a...
SoFi Technologies’ stock dipped Monday (May 15) after an analyst said its accounting may overstate its capital. Wedbush Managing Director, Equity Research David Chiaverini cut SoFi to underperform and said its accounting practices may come under scrutiny as regulators focus on capital ratios and stress testing after recent...
Citi Retail Services is adding new point-of-sale (POS) lending options to its embedded payment capabilities. The new suite of Citi Pay products can integrate into retailers’ existing payment platforms and provide their customers with revolving lines of credit, installment loans and other payment options, Citi...
