A report from Citi Global Perspectives and Solutions, titled "Education: Back to Basics" says student loan default and delinquency rates are down from 14.7% in 2013 yet still high at approximately 11% which is comparable to peak mortgage crisis delinquency rates of 11.5%; report also provides additional comparisons of the current state of the student loan market to the mortgage market crisis; notes that the student loan market overall is $1.41 trillion compared to $8.6 trillion for mortgages, making high student loan defaults less significant than a mortgage market crisis. Source
Credit Karma is positioning itself to be more than just a place to check your credit score; the company currently has 80 million customers and currently has advantages in significant scale and the data it houses; they are now looking at using chatbots with their acquisition of “Penny” to further their relationships with their customers. Source
Dynamic Credit is an asset manager that started in New York but has strong European ties; they have launched their...
The House of Representatives has passed Supporting America's Innovators Act (HR 1219); the bill will provide increased access to capital for small businesses; among its provisions are changes to the number of investors in a venture capital fund and incentives for rural entrepreneurship. Source
The platform announced their latest securitization which is a $233.75 million deal; provisional ratings of AAA were given by both Moody’s and DBRS; this is CommonBond’s sixth transaction and they have now securitized a total of $1.22 billion in loans. Source
FinLab aims to help fintech startups that are helping American consumers; it is funded through a five-year grant from JPMorgan; in total 26 companies have worked or are working with Finlab; TechCrunch profiles how the innovation lab works which includes programs to help startups understand how the banking industry works and meetings in Washington with regulators. Source
Coinbase has raised $100 million in a Series D funding round led by IVP; firm has exchanged over $25 billion of digital currency and plans to use the funding for expanding its business operations; the company currently has three main products: Coinbase for retail digital currency trading, GDAX for institutional and professional digital currency trading, and Toshi a browser for the Ethereum network. Source
Prosper tightened its credit underwriting in July resulting in a shift toward lower risk loans; the changes caused a total portfolio coupon decrease of 45 basis points and a return estimate decrease of 26 basis points; reported lower charge-off levels from 2016H2 loans and higher delinquencies from loans issued in 2016 and 2017; C-rated loans accounted for the greatest portion of the total portfolio at 31.54%; estimated weighted average return for the month was 7.75%. Source
BBVA thinks it has solved the issue of making the customer experience more efficient but still secure; the bank has...
Envestnet|Yodlee is a data aggregator which has been working with Abe AI for nearly two years; Abe AI will leverage...