The Office of the Comptroller of the Currency (OCC) has published details on its fintech charter in a 16-page supplement to its existing OCC licensing manual; the fintech charter supplement addresses capital requirements, liquidity, financial inclusion plans, consumer protection and the application process; Lend Academy provides an analysis in their article; the release of the fintech charter will now be followed by an open comment period which ends on April 14; also noteworthy is that Thomas Curry's term as comptroller ends on April 9 however he can serve until a replacement is confirmed. Source
The new facility will allow Fundation to extend credit to more small businesses and is the latest example of a...
deBanked reports that Google searches including “cash advance” do not include advertisements when searching; this is likely due to Google clamping down on payday loan advertisements and the term cash advance being related to payday loans; Merchant cash advances however are for businesses, making this a possible unintended consequence on the clamp down of payday loan ads. Source
Citi’s 2018 Mobile Banking Study released today shows that 31% of consumers use their mobile banking app the most, followed...
The startup donated its digital currency (XRP) to public schools in the United States; Ripple shared it is the largest cryptocurrency gift to a single charity and will be used to buy materials at over 28,000 schools in all 50 states; Ripple currently owns 60 billion of the 100 billion XRP in existence and has a market cap around $35 billion; the cryptocurrency will be liquidated over a two period in order to not disrupt the market price. Source
Reality Shares Advisors and Amplify Trust ETF have both files with the SEC to create blockchain related vehicles; the applications are not yet complete and the SEC must rule on both before they are permitted to go ahead; CoinDesk reports that both companies will focus on companies with market capitalizations above $200mn with a six month daily trading average of $1mn. Source.
According to data from Fitch Ratings delinquency rates for subprime auto loans are at 5.8 percent, higher than the financial...
Circle is planning to offer a similar product to Coinbase called Circle Invest; the platform has now launched in beta as users reported they were receiving invites; the app will support Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ethereum Classic; the app currently does not support cryptocurrency deposits. Source
Digital wealth management startup Personal Capital has raised $50mn in a series F round; the fundraising was led by IMG...
SoFi has already done two Super Bowl commercials but has also become a sponsor of numerous sporting events; The company most recently sponsored the Big Ten men’s college basketball championship final last week; SoFi finds that sporting events are a great way to reach their target audience and build the SoFi brand. Source