Lend Academy talks with Andrea Jung of Grameen America in their podcast; Grameen America is a non-profit lender with a concept founded by Muhammad Yunus who has won a Nobel Peace Prize for his efforts; it provides small business loans to female entrepreneurs; Andrea talks about her career experience and the Grameen America business model, explaining how it has evolved from the original Grameen started by Muhammad Yunus; Grameen currently boasts a default rate of just 0.3% on $620 million of lending. Source
Petal uses information beyond credit scores like earnings, spending and savings to identify people who are a good fit for a credit card; users can then use the Petal card to build their credit history; the company raised $13 million led by Valar Ventures. Source
Greenhouse, the new Wells Fargo banking app, will offer customers a new mobile banking experience to help manage finances; users will be able to manage their money and have the ability to send and receive payments; Crowdfund Insider reports Avid Modjtabai, Head of Payments, Virtual Solutions and Innovation at Wells Fargo said at an industry event, “We believe the Greenhouse experience will appeal to a broad base of consumers, many of whom have several income sources or are paid infrequently, which can make budgeting a challenge.” Source.
OnDeck lost $59mn in Q1 2020 as their streak of seven straight quarters of profitability came to an end; the...
Big banks like Citi and JPMorgan Chase are trying to beat fintechs at their own game with launches of new...
In December Mastercard shared that they were working on an international digital identity which would be able to verify financial...
The focus of the weekly update centered around how the Trump administration will try to ease the regulatory environment for banks and an explanation of the risk retention rule that recently went into effect; banks welcomed the executive orders signed by Trump, the regulatory burden has been high and cost of capital has continued to rise to meet the demands of Dodd-Frank; as of December 24, 2016 all asset types are required to adhere to a 5% risk retention requirement or skin in the game; this is meant to align investor interests with sponsor interests and make the securitization deal safer; PeerIQ goes into a detailed explanation and helps to provide answers to some of the questions surrounding the rule's implementation. Source
Digital only bank Chime was one of the first firms to offer customers a chance to advance part of their...
With improved labor market data and a better than expected third quarter GDP report on Friday, the Federal Reserve is expected to outline plans for a December rate hike at its November Federal Open Market Committee Meeting (FOMC) this week; economists are expecting verbiage similar to that used last October before the Fed's last rate increase, indicating the economy was on target to meet the FOMC's objectives. Source