U.S. fintech funding reached its highest level in 5 years in 2018 but the online lending market is finding it...
Online lenders have felt the brunt of the current crisis as many of the platforms operate on a marketplace model...
There are an estimated 800,000 federal workers affected by the partial government shutdown and a further 4.1 million federal contractors also...
The online lending industry has been ready, willing and able to help American small businesses with the Paycheck Protection Program...
A day after LendingClub made big news by laying off 471 people there are rumors circulating all around the industry...
All of the leading online lenders are struggling as the economic crisis continues to get worse; many have cut originations...
CNBC talks with Eyal Lifshitz of Bluevine who says fallouts from public companies have affected valuation discussions noting that investors are more skeptical now after struggles from Lending Club and OnDeck; Lifshitz expects companies will drop out of the market and Schwark Satyavolu, general partner at Trinity Ventures, says the industry is likely to see more acquisitions and consolidation. Source
Summit will be held in Washington D.C.; the Online Lending Policy Institute (OLPI) is one of the leading industry groups to promote regulatory discussions in Washington; the event will be held on September 25 at the Renaissance Hotel; industry participants will share insights, propose standards and have a dialogue with regulators and policymakers; the OLPI was founded by Cross River, the Boston University Center for Finance, Law & Policy (CFLP) and RocketLoans. Source
First proposed in June and recently signed by Governor Cuomo the 7 person task force will be focused on reviewing online lending activities in NY; the task force will be chosen by the governor, president of the senate and speaker of the assembly; they will report their findings on small business and consumer lending back to the governor. Source.
43 percent of borrowers applied for a mortgage digitally, up from 28 percent last year but satisfaction scores were down according to J.D. Power; Craig Martin, director of the mortgage practice at J.D. Power, said in a press release, "A critical element of satisfaction is setting expectations, and this tends to be a weakness of technology.”; Customers also rated non bank lenders higher than their banking counterparts as borrowers look to new lenders who provide a more seamless experience. Source.