With improved labor market data and a better than expected third quarter GDP report on Friday, the Federal Reserve is expected to outline plans for a December rate hike at its November Federal Open Market Committee Meeting (FOMC) this week; economists are expecting verbiage similar to that used last October before the Fed's last rate increase, indicating the economy was on target to meet the FOMC's objectives. Source
Marketplace lender, Peerform, has been acquired by Versara Lending; Versara is a New York City-based consumer lender seeking to expand its lending business in consumer loans; Peerform will enhance the lending capabilities for Versara and Peerform Founder Mikael Rapaport will join Versara Lending as a senior vice president. Source
Fitch Ratings has upgraded its outlook for Canadian banks from negative to stable; cites solid risk management, increasing profits and better than expected capital positioning as factors for the upgrade; says recent regulatory changes, slow GDP growth, high household debt and decreasing home prices are still concerns for 2017. Source
In the space of a week, Petal and newly-formed spin-off, Prism Data have made two significant announcements, super charging open banking.
As part of their SoFi ReFi program, SoFi will now offer a six-month grace period for new graduates; typically refinancing student debt has meant that graduates must give up their grace period on loans. Source
A London-based financial API provider with a uniquely controversial name, Fidel, has established a New York office to add to...
A legal case initiated by the city of Miami, Florida has reached the Supreme Court; the case (a combination of two earlier cases) claims that banks, including Bank of America and Wells Fargo, are financially liable for a decade of targeting blacks, Latinos and other minorities for loans with risky terms, including prepayment penalties, negative amortization and no documentation; there is concern that the case may be delayed until the Supreme Court regains a tie-breaking ninth Justice, or result in a return to the lower courts. Source
It is hard to complete a successful digital transformation on the fly. It becomes much easier if you deploy a Digital Integration Hub.
Moody's has released a report commenting on the new FDIC guidelines for bank lending through third-party lenders; guidance from the FDIC is proposed and seeks to potentially improve controls on bank lending through marketplace loans; the new FDIC guidance will help to improve the overall quality of loans on marketplace lending platforms, according to Moody's; the new controls focus on greater analysis and oversight by banks of marketplace lenders' credit underwriting models to ensure that they align with the bank's lending terms. Source
On Tuesday, Synctera announced the first Baas industry line of credit product, to help companies and users access credit lines.