According to Nasdaq CEO Adena Friedman, the company is open to becoming a cryptocurrency exchange; Friedman stated, "I believe that digital currencies will continue to persist it's just a matter of how long it will take for that space to mature. Once you look at it and say, 'do we want to provide a regulated market for this?' Certainly Nasdaq would consider it.”; Friedman was less bullish on the future of ICOs. Source
Economist Arnold Kling proposed a national overdraft plan as an alternative to the current stimulus bill; every bank account would...
Nationwide has made a strategic decision to shut down their retail banking operation; the firm said they are returning to...
The acquisition aims to combine the tools of both companies to make a reportedly unique app for small business owners.
Nav Athwal was a founder and CEO of RealtyShares; the company has raised over $500 million for real estate deals and is one of the leaders in the real estate crowdfunding space; Crowdfund Insider spoke to Athwal who stated, “RealtyShares is in the strongest position it’s ever been in. The company is moving from the build phase to the scale phase of its lifecycle. To best position RealtyShares for the future, I made the decision to transition out of my role as CEO to a new role on the Board of Directors. I asked Ed Forst to take on the role of interim CEO, while we look for a permanent CEO who will fit the culture and profile we’re seeking. I am still very much a part of RealtyShares and will be actively involved in strategic decision-making. I am looking forward to supporting the company in this new capacity and getting back into principal real estate investing and agribusiness. As I begin to work on additional projects, I will be sure to let you know.” Source
deBanked reports that Levi King one of the co-founders of Nav has resigned; Nav is a company which helps small...
Student loan servicer Navient has acquired fintech firm Earnest for $155mn; the motivation behind the deal will pave the way for Navient to enter the lending business; “We’re looking to be the major player in the student loan refi space,” said Navient CEO Jack Remondi in an interview with the WSJ. Source.
Loan servicing company Navient has marketed support for student loan borrowers as part of its customer service strategy however its defense to a court case says the opposite; the company is being sued by the Consumer Financial Protection Bureau (CFPB) for not instituting customer service that matches its customer commitments; the CFPB's main argument is that Navient did not take into account the best interest of borrowers, specifically directing struggling borrowers into payment plans versus capped payment solutions because of the time intensive registration of the latter option; Navient blames a lack of compensation from clients such as the US Education Department for the company's service constraints; the Education Department finds no merit in Navient's defense and the CFPB has data that estimates Navient's service caused borrowers to pay an additional $4 billion in interest charges; Navient has evidence citing a significant number of borrowers in income-repayment plans and has solid arguments including that the federal law does not require servicers to counsel customers on their repayment options. Source
Fintech startup nCino has filed an updated S-1 that indicates it will be pricing shares initially in the $22 to...