The Bank of England's Financial Policy Committee discussed concerns over consumer credit defaults in its recently released minutes; credit card, bank loan and car loan borrowing has increased and the Bank is also concerned about prolonged interest free offers and eased underwriting standards; stress testing has revealed potential losses for banks of 18.5 billion British pounds ($23 billion) on their consumer credit loans and 11.8 billion British pounds ($15 billion) on their mortgage loans; as the Bank monitors consumer lending, it is likely new constraints will be required to manage risks in the new economic environment. Source
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AltFi Data is the leading public provider of data for the marketplace lending industry; its data platform, AltFi Data Analytics, aggregates data from originators in the UK, Europe and the US; AltFi Data manages indices and publishes analytics reports with support from the data platform; the addition of data from Prosper will make the platform's reporting more robust for the industry. Source
The Financial Conduct Authority (FCA) is proposing that they include P2P platforms in the review of the high cost credit industry; the city watchdog said in a release that there is currently a gap in the regulations for P2P; according to the watchdog this means creditworthiness requirements will be enacted when there is a "significant increase in the amount of credit or the credit limit under a P2P agreement"; the FCA explained further changes could come after this initial review period ends on October 31; John Coley, financial services risk director at PwC, explained to Peer2Peer Finance News, "The FCA has published proposals that potentially have a significant impact on firms operating in the consumer credit sector, these include proposed changes for assessing creditworthiness, feedback on its rules limiting so-called payday-loans, and insights into its continuing work into the motor vehicle finance sector." Source
The CEO and Co-Founder of Younited Credit talks banking, technology, Brexit, and his international expansion plans. Source
The investment will be deployed over three years and allow the bank to compete with other digital banks and fintechs; it marks an increase of 40% from Lloyd’s previous three-year expansion plan; Lloyds also hopes the investment will help cut costs. Source
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