Scott Sanborn took over as chief executive officer at Lending Club, facing the challenge of rebuilding confidence in an innovative business model that helped to introduce the concept of P2P lending to the US in 2006; bringing unique experiences from a career that began in advertising, Sanborn has been with Lending Club since 2010, beginning in a role as chief marketing officer for the firm; in the Q&A he provides details about the firm's strategy for evolving through challenging times and what the firm is doing to meet new goals for the future. Source
Morgan Stanley recently bought more than $14mn of local subordinated bonds from online lender Geru Tecnologia e Servicos; Brazil has...
Despite the rumors of a spinoff and losing Amber Baldet JPMorgan Chase is still pushing forward with their Quorum blockchain; they recently tested the issuance of a $150 million, one-year, floating-rate Yankee certificate of deposit on the blockchain, in parallel with the actual issuance of the CD according to American Banker; in regards to the spinoff the bank has yet to completely deny the rumors, though they could spinoff parts of the group and still house Quorom within the bank. Source.
The new account is aimed at consumers who may not otherwise have a traditional banking relationship; the account still comes...
San Francisco based Brex is launching their second credit card product, this time it is an e-commerce card with a 60-day...
Lenders are facing some extraordinary times right now as they try to prepare for the months ahead; underwriting risk has...
Core systems provider Nymbus has created their SmartLaunch product for banks to launch a digital version in as little as...
BBVA and digital business account provider Azlo struck a partnership that focuses on freelancers; with the freelance worker trend increasing the bank is looking to position themselves to better serve the market; BBVA invested in and helped incubate the company through their New Digital Businesses unit; this is part of a wider trend at the bank to help innovation, both inside and outside the bank itself. Source.
CommonBond closed their fifth and largest securitization which contained $248 million of refinanced student loans; the senior tranches were rated by Moody’s, S&P and DBRS and received ratings of Aa2, AA and AA (high) respectively; the deal was four times oversubscribed; according to David Klein, CommonBond CEO and co-founder, “Investor demand for CommonBond paper has never been greater. The strong market reception is a reflection of our pristine credit quality, continued ratings progression, and track record of consistent results. As a programmatic issuer, we look forward to continuing to bring consistently high performing bonds to the market, providing investors with world-class capital deployment options.” Source
Community banks feel the pressure from fintech companies and big banks as technology is changing the way banks operate; a recent SourceMedia survey of 304 chief information officers of banks, credit unions and other financial services firms says 70 percent plan to invest more in technology in the near term; they are digitizing lending, making document collection easier, investing in mobile app technology and more. Source.