As you may know every loan on both Lending Club and Prosper is a security that is registered with the...
It was the 19th century German leader Otto von Bismarck who said, “Laws are like sausages. It’s better not to...
An investigation regarding fraudulent fundraising from Chinese peer-to-peer lender, Ezubao, has been underway since February 2016; regulators have reported all of the fundraising projects on the site were fraudulent and that the firm collected $7.6 billion from approximately 900,000 investors; Chinese regulators have recovered $1.5 billion in assets which include real estate, jewelry, stocks, cars and helicopters bought for company executives of the parent company Yucheng Group. Source
A report from the Beijing Bureau of Financial Work says 90% of P2P platforms will struggle to stay in business in 2017; if their predictions are correct that would reduce the total number of P2P companies from 4,856 to approximately 500; companies will begin to undergo a review by regulators and it is expected that a run on deposits is likely to occur; regulators will be checking for a number of variables including two new requirements: the appointment of a custodian bank and full disclosure of the use of deposits; other factors under review will include risk management, business scale, IT infrastructure, investment sources and shareholders' credibility; firms will either be granted a P2P lending license or be required to liquidate; in 2016 the industry accounted for 800 billion yuan and according to the Beijing Bureau of Financial Work it is likely that 2017 will end drastically different for the industry overall. Source
Chinese regulators raided over 40 companies in China to investigate for illegal activities pertaining to the country's newly disseminated laws; investigators found property agents listing homes that owners had not agreed to sell and providing false information about properties; with a focus on real estate property investing, the investigators also found P2P lenders offering down payment loans after they were recently restricted by regulators. Source
Buy now, pay later (BNPL) giant Klarna will start reporting data on customers' usage of its products to credit bureaus in the UK.
It is a question the customer service people at Prosper and Lending Club hear all the time. Why doesn’t my...
Fed Reserve Governor Christopher Waller said that FedNow will launch a country-wide interstate highway for payments in about six months.
Their website mentions names such as 'digital sterling' or 'Britcoin' and emphasizes the difference between CBCDs and cryptocurrencies.
Fintech faces a flurry of changes, LexisNexis Risk Solutions director of financial crime compliance Tracy Manning said.