Celsius artificially inflated the price of its own digital coin, failed to hedge risk and engaged in activities that amounted to fraud, a lawsuit alleges....
Latin America's leading e-commerce Mercado Libre reported 49 million fintech customers in the quarter, up 40% year over year.
However, there were also some disappointments. In a last-minute change to the pact, China and India softened the language in an earlier draft regarding “the phase-out of unabated coal power and of inefficient subsidies for fossil fuels”, editing “phase-out” to “phase down”.
This weeks PeerIQ Weekly Industry Update covers the power struggle at the CFPB and Lending Club’s new pass through security transaction; a federal judge sided with the Trump administration in the CFPB spat and allowed for Mr. Mulvaney to run the agency for now; Lending Club completed a first of it’s kind deal and in turn will help them to expand the market, lower financing costs, address secondary market liquidity and allows valuation agents to calibrate pricing; PeerIQ also took a deep dive on mortgage delinquencies during the 2008 financial crisis. Source.
While writing his weekly column in Forbes Ron Shevlin of Cornerstone Advisors says the new Money in Excel tool from...
Russia's Sberbank will integrate new artificial intelligence (AI) to replace 3,000 employees in its legal department; the AI solution follows comments from CEO Herman Gref in September 2016 which forecasted that 80% of the bank's decisions would soon be attributed to AI systems; as AI solutions evolve, regulators are considering industry standards and frameworks for changing labor markets. Source
The no-action letter shows that the CFPB is open to alternative data being used to expand access to credit data; Upstart will report lending and compliance information to the CFPB to mitigate risk to consumers and aid in the Bureau’s understanding of the real-world impact of alternative data on lending decision making; the no-action letter relates to enforcement of the Equal Credit Opportunity Act and Regulation B; Upstart shares in their application how powerful using data points outside of just credit reports is in reducing borrowing rates. Source
Increasingly consumers want solutions to their money challenges and they don't care if it comes from a bank, a fintech or some combination.
Santander announced recently that it will spend €20 billion ($22 billion) on digital transformation through 2022; JPMorgan Chase has said...
London-based FOL Wealth has launched a new robo advisor service for its wealth management clients; the solution offers clients automated service at an annual fee of 0.90% with a minimum investment of 1,000 British pounds ($1,216); it is intended to serve as a hybrid solution complementing the human advice of the firm's wealth advisors. Source