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Despite significant systemic barriers, consumers classified as subprime remain active participants in the credit market, seeking both traditional products and alternative options to manage finances and improve their credit standing, according to a new PYMNTS Intelligence report.
The report, “Subprime Borrowers Flock to Alternative Options Due to High Credit Card Denial Rate,” defines subprime...
Generative artificial intelligence, encompassing technologies like deepfakes and advanced voice synthesis, has become a double-edged sword in payments and cybersecurity.
Last year, a finance worker in Hong Kong transferred $25 million to fraudsters after a video call with what appeared to be the company’s chief financial officer and other executives. The twist? Every participant on the call was a...
Collaboration between credit unions and FinTechs can shape the future of financial services, Velera Chief Product Officer Denise Stevens writes in a new PYMNTS eBook, “The Listening Economy: How Customer Conversations Are Transforming Financial Services.”
While FinTechs were once considered rivals, most financial institutions now recognize FinTech partnerships as an essential part of their...
Anyone who wants to learn about a winning mindset can find no shortage of quotes to get inspired. Maybe the best one comes from the GOAT (Greatest of All Time) himself.
“I’ve missed more than 9,000 shots in my career,” basketball legend Michael Jordan has said. “I’ve lost almost 300 games. Twenty-six times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and...
The Consumer Financial Protection Bureau (CFPB) reportedly dropped a lawsuit against Walmart and Branch that it filed in December.
The agency filed a notice of dismissal Tuesday (May 13), Bloomberg reported Tuesday.
The CFPB sued Walmart and Branch on Dec. 23, alleging that the retailer and the FinTech company illegally opened accounts for gig economy delivery drivers without their consent,...
Chime Financial filed its Form S-1 registration statement for a proposed initial public offering (IPO) with the Securities and Exchange Commission (SEC) on Tuesday (May 13).
The consumer financial technology company said in a press release that it applied to list its Class A common stock on the Nasdaq Global Select Market with the ticker symbol “CHYM.”
“The number of shares to be offered and the...
The Consumer Financial Protection Bureau (CFPB) is proposing to rescind the “NBR Rule” it adopted last summer that established a registry of nonbank financial companies that have broken consumer laws and are subject to federal, state or local government or court orders.
The CFPB said in a proposed recindment that it filed with the Federal Register on Tuesday (May 13) at 8:45 a.m. that it is...
Google’s Android operating system is set to get one of its biggest updates in years.
With this refresh, which includes a design called Material 3 Expressive, phones and watches using Google’s operating system will be “more fluid, personal and glanceable,” Mindy Brooks, vice president of product management and user experiences, Android platform, wrote in a Tuesday (May 13) blog post.
“Nearly four...
Goldman Sachs Group is reportedly considering expanding its retail bank, Marcus, to Ireland and Germany.
The company has held early-stage discussions with Irish regulators and is taking another look at Germany, where it once planned to launch in 2019, Bloomberg reported Tuesday (May 13), citing unnamed sources.
A representative for Goldman said in the report: “We remain focused on that business...
The latest data on household debt from the Federal Reserve Bank of New York, released Tuesday (May 13), indicated that consumers paid down some of their credit card debt in the first quarter of 2025.
But late-stage delinquencies on that revolving debt surged year over year. Student loan delinquencies also surged year over year, as past-due reporting on those loans returned to credit reports after...