WORKWEEK

3 Fintech News Stories #1: You Want P2P Payments? I’ll Give You P2P Payments!  What happened? Varo’s product roadmap is apparently just a piece of paper that says, “P2P Payments” in big letters: Varo Bank customers can now send funds to anyone with a U.S. bank account, the company announced Thursday, part of a new…

Last week, the CFPB issued some new guidance: Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers. … This requirement is…

Everything in financial services is cyclical. This makes intuitive sense. The purpose of the financial industry, speaking very broadly, is to facilitate economic activity. And the economy is cyclical. When the economy enters a recession, delinquencies on loans to consumers and companies rise. Lenders shrink their credit boxes. When the Federal Reserve lowers interest rates…

September has been a busy month.  It was my first foray back onto the fintech conference circuit since returning from paternity leave.  (Note – my wife will surely be canonized as a Saint one day for her tireless work caring for our kids while I’m traveling. She’s incredible.) In sequential weeks, I attended Finovate Fall…