The FDIC has issued a Financial Institution Letter (FIL) offering guidance for its member banks with less than $1 billion...
Ripple has announced the appointment of a new CEO; Brad Garlinghouse, previously president and chief operating officer, will take over the role as of January 1, 2017; Garlinghouse will replace Chris Larsen who will become Executive Chairman of the Board of Directors; the fintech blockchain payments company has been significantly expanding in 2016 with its network now including 15 of the top 50 global banks; much of the company's growth has been attributed to Larsen who will now take more of a strategic adviser role. Source
Digital bank Rho is moving beyond the small companies it initially served to begin working with companies that have 100...
According to new data from the Federal Reserve mobile payments have seen a big growth among consumers but fraud has also risen; the shorter clearing period looks to have opened banks on the Zelle network to more potential for fraudulent transactions; Zelle has been using multi-layer and multi-factor authentication during the enrollment process; as banks look to innovate to suit their customer needs they are also looking at newer ways to protect themselves against threats that are evolving just as quick. Source.
Rumors were circulating that Revolut was facing financial problems related to the coronavirus; Revolut has responded to the claims with...
Prosper's originations were $775 million in the second quarter of 2017, up from $586 million in the first quarter; adjusted EBITDA was $6.7 million in the second quarter and the company was cash flow positive; Prosper had their first profitable quarter in Q3 of 2014 before growing significantly and subsequently falling back into the red; whole loan sales represented 94% of total volume in Q2; Prosper has originated a total of $9.7 billion in loans; Prosper also announced closing a $500 million securitization; PMIT 2017-2 was rated by Kroll Bond Rating Agency, Inc. and Fitch Ratings with the Class A pool receiving an A rating. Source
An article in the FT shares examples of businesses that have not benefited from the recent economic expansion and at...
According to the Wall Street Journal, former Lending Club CEO Renaud Laplanche has started a new online lender called Credify; the company has setup offices in the financial district of San Francisco and was incorporated less than a month after leaving Lending Club; former Lending Club executives Jeff Bogan and Adelina Grozdanova have also joined the new company; it plans to make its first loans in 2017. Source
Total loans at banks fell by 1.5 percent during the first half of June, according to data compiled by the...
The Department of Justice's case against Quicken Loans will be heard in Detroit; in an ongoing case filed in April 2015, the Department of Justice says Quicken Loans used faulty underwriting processes to certify Federal Housing Administration (FHA) loans while disregarding FHA rules; Quicken is a direct endorsement lender for the FHA and the loans in the court case were originated from September 2007 through December 2011. Source