Mptv FDIC Chairman Says Banking Industry Remained Resilient in Q2
The Consumer Financial Protection Bureau CFPB has sued student loan servicer Pennsylvania Higher Education Assistance Agency PHEAA , alleging that it collects on loans that borrowers do not owe.Specifically, the agency alleges in its complaint that PHEAA, which does business as American Education Services AES , illegally collects on student loans that have been discharged and gives false information to both consumers and credit reporting agencies, the CFPB said in a Friday May 31 press release. PHEAA has ignored its responsibilities and illegally pursued borrowers for loans they no longer owe, CFPB Director Rohit Chopra said in the r
stanley borraccia elease. The CFPB is suing PHEAA for demanding money from borrowers that they do not owe and for reporting false information to credit reporting companies. Reached by PYMNTS, PHEAA provided an emailed statement saying that the accusation that the company knowingly acted in a way that was contrary to the law is absolutely inaccurate and that it will defend itself vigorously through the legal process. 聽 PHEAA strives to conduct all our student loan servicing activities in full compliance with all laws, rules, and regulations, the statement said. We continue to disagree with any assertion that PHEAAs handling of bankruptcy matters has been inconsistent with the Bankruptcy Code or the orders of the Bankruptcy Courts. The
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Traditional banks now realize the value in working with FinTech startups, augmenting their own service offerings by integrating the innovations of others. Lending has become one of the largest benefactors of this trend, with alternative lenders once
stanley cup viewed as competitors to the banks now working with them to strengthen financing options for SME borrowers.But it not necessarily a new phenomenon. Baker Hill has spent decades providing loan origination services to its bank clients. And while loan origination and portfolio management has challenged lenders for years, Baker Hill聽Senior Director of Solutions Management Mike Horrocks tells PYMNTS why some of those challenges now have a m
stanley us odern twist.Data, Horrocks noted, is today an especially poignant point of friction for financial institutions in the lending process.Banks struggle with the connection of loan origination data to loan portfolio management data and insights, the executive explained. Closing the gap of w
stanley kubek hat insights were utilized in extending credit, to what insights are used to continue the utilization of credit, is critical for financial institutions today.Financial institutions today are also struggling to connect the dots between all of the ways they use data analytics to mitigate risk and add value to their lending operations, added Horrocks. He offered the example of banks using analysis of financial statements to assess risk in the loan origination process. But, he explained,
