Brickell Capital Finance will now offer its healthcare clients Liquid FSI Convert2Pay services through its sales representatives; Liquid FSI Convert2Pay allows healthcare professionals to upload healthcare claims and receive payouts; the firm has a range of solutions for healthcare claim payouts and also offers healthcare industry lending services. Source
California mortgage lender Opes Advisors is using proprietary software technology to help clients think more holistically about how buying a home fits into their financial plans; the company originates approximately $3 billion in mortgage loans per year and has built technology software that advises clients on comprehensive financial planning; also offering wealth management, the company provides comprehensive advisory services that are unique in the mortgage lending market. Source
According to American Banker, CAN Capital has laid off employees; this is following the news earlier this month of the company putting the chief executive officer and other executives on leave; according to an email from the company, "While this is a difficult decision, we believe it is necessary to position ourselves for long-term success."; documents from state officials in Georgia showed 136 layoffs in the Kennesaw, Georgia office while a source stated layoffs totaled 250 people, including all staff in Costa Rica; according to the source, layoffs were at least half of the company's total workforce. Source
Carvana has filed for a US initial public offering (IPO) and plans to list its shares on the New York Stock Exchange with the ticker symbol CVNA; the online auto dealership sells its cars from vending machines located across the US; the company is planning to raise $100 million from the IPO and is working with investment bankers at Wells Fargo, Bank of America, Citigroup and Deutsche Bank on the deal; its registration statement reports significant risks including higher public registration costs and profitability uncertainty. Source
The Consumer Financial Protection Bureau (CFPB) will appeal the court's unconstitutional ruling in the case of CFPB v. PHH in which PHH argued the CFPB's authoritative powers were too broad following enforcement actions that resulted in penalties primarily for referring consumers to mortgage insurers for compensation; the CFPB is requesting that the case be heard by all judges in the D.C. Circuit Court of Appeals rather than a panel of only three judges which provided the October ruling; if the verdict in the case is unchanged, the president will still be able to replace the CFPB director at his discretion; it's likely that Director Cordray could be replaced by President-Elect Donald Trump given his plans for Dodd-Frank. Source
Brock Blake from Lendio discusses his insights from LendIt USA 2017; Blake was a moderator for the panel, "How Banks are Coming Back to SME Lending"; from his perspective he believes banks are proactively innovating to develop better online lending solutions for their business customers; this was evident in comments from panelists at JPMorgan Chase and Bank of America who provided examples on how the banks are innovating after a slower adoption phase that included a competitive market analysis. Source
Calypso, a fintech firm that develops software for capital markets, has struck a deal with blockchain consortium R3 to develop applications on its Corda platform; Corda is a distributed ledger platform for managing financial contracts which will be released later this week; Calypso will first build a trade confirmation app to function on Corda; according to Calypso CEO Pascal Xatart, "Our current matching solution is only the beginning." Source
StreetShares is an online small business lender that focuses on veteran-owned small businesses; company has hired a new chief product officer, Heather Tuason; Tuason previously was the senior vice president of small business at Capital One; Tuason stated: "I am proud to be part of an organization so focused on serving its members and in awe at the military drive and passion demonstrated by the StreetShares team each and every day. Veterans have sacrificed so much, and I'm honored to help them build businesses that drive our economy. It's time for veterans and the military community to have fully mobile, fully digital, next-generation financial products." Source
Carvana is working with Wells Fargo and Bank of America on plans for a US initial public offering (IPO); the company is one of a few specialist providers selling used cars and offering auto financing through the internet with automated towers storing vehicles in cities such as Austin, Dallas and Nashville; Reuters reports the company has a valuation of $2 billion and is planning for its IPO in the first half of 2017. Source
In the Consumer Financial Protection Bureau's complaint reports, the agency showed only seven US complaints pertaining to bitcoin in 2016; data mined by LendEDU reports four filed against CoinBase and three against Circle; nonprofit advocacy group Coin Center says 37 complaints were filed on digital currency from 2011 to 2015. Source