In this week’s PeerIQ Industry Update they cover the recent remarks by Fed Chairman Powell who says the recovery will take time which increased market volatility; banks are seeing consumer borrowers recovering as firms like Synchrony saw 75 percent of customers on payment holiday return to current status; Secretary Mnuchin said more stimulus would soon be needed to help industries hardest hit by the crisis; early wage access platforms have seen a big surge since the start of the pandemic, DailyPay for example saw a 400 percent increase in March; Goldman Sachs struck a deal with Amazon to extend revolving credit lines to sellers, the deal is another example of Goldman’s success moving to Main Street; Colorado state courts ruled last week that non-bank purchasers of loans could not benefit from an out-of-state bank’s interest rate exemption; this is contradictory to other state ruling and recent comments by new OCC head, clearly more work needs to be done to resolve the conflicts that now exist. PeerIQ
