Stratyfy

A lot moving in the world of Fair Lending lately. Two important developments in the past month that should be on your radar…  (1) At the end of June, the Consumer Financial Protection Bureau (CFPB) released its annual report, showcasing their efforts and priorities in enforcing fair lending regulations.  Some important highlights to be aware of: 🔦This quote: “Robust fair lending testing of models should include regular testing for disparate treatment and disparate impact, including searches for and implementation of less discriminatory alternatives using manual or automated techniques.”  🔦While this may not be groundbreaking news for those in the industry who are taking a proactive approach to fairness in lending, it’s a significant step forward. This is the first time the CFPB has articulated this standard in writing with such clarity and precision, setting a new benchmark for transparency and helping lenders understand what is expected to avoid being regulated via enforcement.   🔦The Bureau made it clear that it had used its supervisory authority to enter into memoranda of understanding with several financial institutions that had not met the standard and required that they demonstrate they have made compliance changes to address the failure by issuing Matters Requiring Attention (MRAs) to those institutions. 🔦The report also highlighted the increase in regulatory actions in 2023 including: 🚨Citing 189 institutions with violations of ECOA and/or Regulation B 🚨33 referrals to the DOJ involving discrimination in violation of ECOA (an increase of 175 percent in such referrals since 2020) by 5 agencies (FDIC, NCUA, FRB, OCC and CFPB)  🔦The CFPB stressed the need for institutions to document how they assess any disparities against the stated business needs, which is often overlooked in the industry. 🔦The report emphasized that lenders must develop a process to consider a range of less discriminatory models (LDAs), which has also been lacking in the industry (more to follow on this point in particular...)

Excited to be a part of the LendAPI ecosystem! 💪 Check us out: https://lnkd.in/gbWJzeSE #partnership

From machine learning to cash flow data, on the latest episode of Reinventing Banking by FinXTech, Laura and Deniz joined Kiah Lau Haslett to chat about all the ways financial institutions can identify more borrowers. Tune in to listen to the full episode: https://lnkd.in/gcyy_r6n #MachineLearning #AI #CashFlowData

As we continue to help lenders expand their credit box, we're thrilled to announce we have partnered with Prism Data! 🎉 Through this partnership, we'll be leveraging Prism Data's cash flow data to allow lenders to make more informed decisions in cases where traditional credit data is insufficient. To get all the details, visit https://lnkd.in/gH9ShVzn to read our press release. #Partnership #CashFlowData #CreditData

What a week! We're just getting back from Florida 🏝️ where we celebrated Laura alongside a phenomenal group of leaders at the American Banker's Most Influential Women in Fintech reception. We're proud to see Laura being recognized for her outstanding contributions and leadership in the fintech community. A special shoutout to Stephanie Ferris for being named THE Most Influential Woman in Fintech! Dru Armstrong Jennifer Arnold Daniela Binatti Sharon Carmeli Kiki Del Valle Dr Alisa DiCaprio Monica Eaton Alex Ford Meredith Fuchs Leslie G. Gillin Tiffany Johnson Stephany Kirkpatrick, CFP® Rochelle Nawrocki Gorey Anabel Perez Christina Riechers Carolyn Rodz Cathy Ross Rakefet Russak-Aminoach

Jose Tagunicar, Product Strategy, Analytics, and Risk Management at Stratyfy joined a recent podcast to discuss a wide range of topics. https://bit.ly/3z9uiup Listen in to hear: 🔹 Top takeaways from FICO World 2024 🔹 The benefits of accelerated evaluation 🔹 What AI can and cannot do in lending 🔹 How we ensure data is being used to make sound lending decisions 🔹 What it takes for alternative forms of credit to be competitive

In our latest study, we set out to prove how our Probabilistic Rules Engine compared to traditional decisioning methods. The results? Lower overall bad rate and nearly twice as many pre-qualified loan applicants. Scroll through to see the figures and if you'd like to learn more, request the study here: https://lnkd.in/guUmNPQF #AIinLending #MachineLearning #Decisioning

Stratyfy (Deep Tech, '19-20) has been recognized as the LendTech Startup of the Year! Awarded by the 2024 Banking Tech Awards USA, Stratyfy was praised for its "outstanding achievements and successes in the banking and fintech industry across the United States".  "Winning the 2024 Banking Tech Awards USA is a testament to our indisputable progress in revolutionizing the way financial institutions make lending decisions. We can't wait to build on this momentum in the rest of 2024." -CEO Laura Kornhauser and COO Deniz A. Johnson Congratulations Stratyfy! Learn more: https://lnkd.in/erSJgFgP Are you an early-stage founder in Fintech looking to take your company to the next level? Apply to the Endless Frontier Labs’ 2024-25 Digital Tech Cohort! Learn more and apply now at: https://lnkd.in/e-bvvd2U

This year's CAFE Accelerator is one for the books. 📚 Shout out to Kristen and the CAFE team for curating such thoughtful content during our 10 weeks. The line up of relevant organizations and impressive mentors was much appreciated. Cheers to all the innovators in our cohort, we're excited to be working alongside you to change the narrative of what it means to advance financial health in LMI communities. 🥂 #Community #FinancialWellness #LMI Center for Accelerating Financial Equity (CAFE)

Last week was such a whirlwind for team #AFC as we crisscrossed the country for the most influential conferences and events where we spend time with so many of our members, partners and friends! Ian P. Moloney spent valuable time at Financial Health Network #EMERGE speaking about #Responsible #Financial #Access! Great to see so many of our members including Laura Kornhauser and Deniz A. Johnson of Stratyfy, Claudia Flores of DailyPay, Inc., Chris LaConte of Self Financial, Inc. (no, we didn’t take a selfie) and so many more!