‘Credit access is absolutely a problem’: Upstart’s Paul Gu
The company’s new CEO, and long-time chief technology officer, shares his views on why some banks are stuck in old ways of determining creditworthiness, how Upstart has been modifying its underwriting models and the objections people sometimes have to AI-based lending.
Deposit insurance should prevent bank runs, not just react to them
Calls to replace proposed deposit insurance reforms with a revived Transaction Account Guarantee program would make the federal government’s role in a bank run purely reactive. That would be a mistake.
Missouri bank faces call for boycott over data-center controversy
Plans were moving along smoothly for a new data center in Franklin County, Missouri — until residents found out about it. Now the project is facing a fierce public backlash, and a local community bank is caught in the crossfire.
How high can gas prices go before they do some real damage?
The economy is already showing signs of stress from the oil crisis. How much longer will it last, and is there a red-line number that breaks the economy?
Boston-area bank will host retail incubator in new branch
The Village Bank is already mulling expanding the concept to other locations if the one planned for its Wellesley, Mass., office lives up to expectations.
Wise debuts Nasdaq listing
The payments fintech is hoping its listing on the Nasdaq will bring it greater visibility in the U.S. market, a region that the company says represents the largest growth potential.
NASAA asks states to eliminate conflicts with SEC’s new marketing rule
NASAA’s proposal would align state laws with the SEC’s marketing rule, eliminating concerns advisors have about running afoul of more local laws as they accept testimonials and reviews.
Rising energy costs may squeeze families, but not the economy
Market watchers say that the economy as a whole is holding up under higher energy prices and do not expect a recession. Even so, observers are watching financial markets and consumer spending for signs that inflation expectations are taking hold.
IMF calls Mythos a systemic risk
Three senior officials say attackers will eventually breach bank defenses, and supervisors should plan for it — while U.S. regulators stay nearly silent.
Banks mobilize against crypto market structure bill markup
Banks continue to push back on what they describe as insufficient protections against stablecoin yield as the Senate Banking Committee is poised to mark up its long-awaited crypto market structure bill this week.