Payments News

On The Web

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Providers

Capital One Starting to Raise Credit Limits in Hunt for Growth

“Capital One Financial Corp. has begun to lift borrowing limits for certain customers as it seeks to restart growth in its sprawling credit-card business. Increases are being offered to existing customers with both prime and subprime credit scores, Chief Executive Officer Richard Fairbank said at a virtual investor conference Wednesday. The company continues to hand […]
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Providers

Biggest U.S. Banks Keep Lending Less and Less of Their Money

“The biggest U.S. banks reduced the portion of their collective balance sheets they’re dedicating to loans to a new low, extending a trend that’s seen the largest lenders put less and less of their firepower behind everyday borrowers.    Total loans at the 25 biggest U.S. banks comprise less than 46% of their combined assets, down from […]
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Providers

Minority-Owned Small Businesses Struggled to Access Credit in 2020

“Minority-owned U.S. small businesses reported much weaker financial conditions than the average in a survey from the Federal Reserve, which highlighted “stark differences by race and ethnicity” in the face of the pandemic crisis. Overall, 88% of firms with fewer than 500 employees said that sales were still below pre-pandemic levels, according to the Small […]
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Global

China Hails Victory in Crackdown on Peer-to-Peer Lending

“China has declared victory in its campaign against online peer-to-peer lenders, a risky financing sector that has been zeroed out, a top banking regulator said this week. Peer lenders gather funds from small investors and loan them out to small businesses and individuals. At first loosely regulated, they were seen as a financial innovation serving […]
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Providers

Pausing Loan Payments During Coronavirus Is Producing Uneven Results

“Jim Curran in Malvern, Pa., lost his job in March and got permission to pause his mortgage payments, freeing up thousands of dollars a month, with no damage to his credit score. Patricia Orndorf in St. Louis Park, Minn., also lost her job in March. Her bank let her temporarily skip her credit-card bill, which […]
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On The Wires

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Deals

Self Financial Raises $40M in Series D Led by Meritech Capital

“Self provides tools for its customers geared toward building positive behaviors (such as on-time payment history and responsibly using credit) and long-term success, working in partnership with its issuing banks. With the Self Credit Builder Account consumers simultaneously tackle both credit and savings without requiring a hard credit inquiry or credit history. The Self Visa® […]