Peter Rudegeair
speaker
756 appearances
12 recordings
1 series
first heard Nov 2017
last heard May 2021
Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
One is just it might be good social policy.
So the reason banks are doing this is they were convened
by one of their main regulators, the Office of the Comptroller of the Currency, a part of the Treasury Department.
And the OCC gathered banks, executives from financial technology companies, community advocates last summer after the killing of George Floyd to think up ways to extend access to credit for this population that has historically been shut out.
So this is one way to to address that need.
But banks are not altruists.
They wouldn't do this if this is going to be a big commitment of time and money.
And they saw no commercial gain.
So the commercial opportunity here is the ability for banks to bring in potentially millions of customers into the mainstream financial system.
And those customers, if banks are kind of
long-term greedy could eventually be candidates for mortgages, for investment accounts, 401ks, and just is good business down the road.
This new initiative is better organized and more far-reaching.
So we talked about the effort at individual banks to offer credit cards to some of their own customers based on that deposit account data, FICO, Fair Isaac Corp., the score that everybody knows.
They have rolled out a score that takes advantage of things like a person's history with their bank accounts.
That has not had a lot of success.
I think no bank has really embraced it.
It's mostly been small scale lenders.
So this is kind of across banks for the first time and very meaningful in the size of the institutions that are participating.
Well, credit, depending on the type of credit, is very useful in smoothing out any differences you might have in cash flow.
So if you're not getting paid for a week, but you need money to
Showing 21–40 of 756 · page 2 of 38
← Previous
Next →