In a week where LendingClub posted their first quarter earnings sending their stock up by more than 25% an activist...
As we continue to hear more from the Office of the Comptroller of the Currency (OCC) about their new fintech charter, the question comes to mind: is the regulator taking the right approach?; fintech companies are beginning to disrupt many different facets of the financial system, coming up with a singular charter could be limiting and hurt innovation; the OCC has stated that this new charter from their point of view is just one of many options a firm can choose when looking at regulation; having regulators at every level think outside the box will help innovation overall and this also can help to discover an approach not yet seen. Source
At their NYC Technology Summit Bank of American executives talked about how the firm is implementing artificial intelligence; some of...
Prosper is lowering rates for higher credit quality borrowers and increasing rates in the lower credit quality segments; borrowers with loan ratings AA through C will see a rate decrease of as much as 79 basis points while borrower ratings D through HR could see an increase of as much as 74 basis points; in total, across all ratings, rates will be lower by approximately 39 basis points; Prosper says the rate changes are a result of the credit market environment, interest rate expectations and competition for consumer loans. Source
Cryptocurrency startup Basis, led by former Google employee Nader Al-Naji, raised $133mn from GV, Bain Capital Ventures, Lightspeed Venture Partners,...
Nominations for the LendItFintech Industry Awards Dinner are now open. The dinner will be held on April 10, 2018 at One Market in San Francisco and the event will celebrate 500+ Fintech influencers and innovations and their outstanding achievements in 21 categories. We encourage fintech companies from around the world to apply for the categories that are the best fit. Source
The Financial Brand interviewed Dustin Cohn, the head of Brand and Marketing for Marcus by Goldman Sachs; he discusses how...
HTMA Holdings has developed a new savings app to help small banks attract millennial customers; Plinqit is designed to help...
Prosper originated $2.9 billion in 2017 and now has surpassed $11 billion in total loans. Source
In this week’s PeerIQ Industry Update they look at the record levels of consumer debt, some regulatory changes, new securitizations and give an update on recent hirings; consumer credit is now at an all time high surpassing $1tn, though per capita levels remain below peak; the Trump administration is looking to revise the Community Reinvestment Act rules to include small business loans; Marlette’s newest securitization, MFT 2018-1, consists of loans originated by Cross River bank for over $390mn and it has received ratings from Kroll; PeerIQ also announced the hiring of 6 new employees as the company continues to grow. Source.