SoFi has begun to acquire state life insurance licenses and is working with Protective Life Insurance Co. on a life insurance partnership; known for student loan refinancing, life insurance would add to the company's expanding product offerings which now include mortgage loans, personal loans and wealth management. Source
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
The Marketplace Lending Association was launched in April of 2016 and is one of the industry's leading advocacy groups; in September it hired Nat Hoopes to lead the Association and represent the industry in Washington, D.C.; Lend Academy interviews Nat Hoopes in their most recent podcast, providing details on his background in the industry, the evolvement of the MLA and his insight on the current regulatory developments affecting marketplace lending. Source
Orchard's Weekly Online Lending Snapshot for the week of October 27 focuses on new marketplace lending securitizations and the snapshot's new tracking for recent securitization issuances; other key data points from the week include Yirendai leading publicly-traded marketplace lenders with a monthly stock gain of 12.52% and the UK Ranger Direct Lending Fund continuing to lead among UK listed funds with a monthly gain of 6.46%. Source
Reg. CF crowdfunding platform, Wefunder, is now accepting Bitcoin; Wefunder has taken the lead on Reg. CF crowdfunded investments accounting for 33 of 46 offerings; after numerous requests from its investors the platform has been able to incorporate Bitcoin investments; says the acceptance of Bitcoin will make it even easier to invest in early stage companies. Source
The Office of the Comptroller of the Currency (OCC) has announced it will create an Innovation Office with staff in Washington, New York and San Francisco; the new Innovation Office is part of a broader framework for responsible innovation also released this week; the Innovation Office will provide a dedicated staff of government officials focused on innovation affecting federally chartered banks and the banking system; it will also seek to manage the OCC's framework for responsible innovation for banks and nonbanks. Source
Since 2008, a number of changes have occurred affecting the U.S. financial industry and its regulations; simultaneously financial technology has also been evolving rapidly and market conditions have actually been a catalyst for P2P lending platforms; Forbes finds, as many market experts have recently discussed, that P2P lending platforms' extension of credit to a more diverse range of borrowers and built in accountability through investors and lenders, is providing a new type of support for the credit market that could help to prevent another crisis in the future. Source
Lending Club announces Q3 earnings on November 7th; LendingRobot provides a review of past quarters including comments on regulation, revenue and loan performance; shares three things they are looking for in the next release including results from corrective actions, a clear path forward for 2017 and a hint of something new. Source
Small Change is claiming to be the first real estate crowdfunding platform that's issuing investments under Reg. CF; the company focuses on investment projects with community enhancement benefits; Reg. CF (covered by the JOBS Act Title III) is one of several regulatory frameworks to facilitate private investments; Reg. CF is suited for smaller startups and investment offerings up to $1 million, without the full SEC filing requirements of Reg. A+; in the Crowdfund Insight interview, Small Change CEO, Eve Picker, suggests that they will use Reg. CF for smaller real estate investment projects and broader outreach to all levels of investors, while using Reg. D in parallel to reach accredited investors for larger deals. Source