Lend Academy profiles a real borrower who recently went through Credit Karma to apply for a debt consolidation loan; the...
Digital bank Revolut extended their series D round to add an additional $80mn, which brings the total of the funding...
Banks call on Congress to freeze new ILC approvals How the pandemic is propelling Zelle With Robinhood’s UK launch delayed,...
Last week the government passed the CARES Act which included $349 billion in loan guarantees for small businesses; we also...
The Fundrise Income eREIT previously sold out and was closed to new investors; the platform has re-opened the Income eREIT and requires minimum investment of $1,000; the Income eREIT is focused on investments in real estate debt and has posted a 10.5% annualized dividend yield. Source
Opposition to the OCC's fintech charter continues with a new lawsuit filed by the Conference of State Bank Supervisors which says the OCC does not have the legal authority to issue the fintech charter that it has proposed; the lawsuit says the OCC will need "specific congressional approval" for the charter and that nondepository companies are not considered to be engaged in the business of banking; preemption of state consumer protection laws has evoked strong opposition to the OCC's fintech charter and the lawsuit by the Conference of State Bank Supervisors is the first court action taken by an opposing party; the OCC's financial inclusion provisions, lack of clarity on state mandated requirements such as interest rate caps, default rate limitations and underwriting standards, and lack of detail on business factors including capital requirements and other balance sheet measures have caused decreasing support for the charter overall. Source
Despite recent regulatory changes designed to encourage banks to offer small dollar loans few banks are taking up the challenge;...
Challenger banks have become one of the hottest trends in fintech with companies raising hundreds of millions of dollars all...
James Garvey is the CEO and Co-Founder of Self Lender, a company taking a unique approach to help consumers build...
The CEO of Prime Meridian Capital Managements gives his thoughts on marketplace lending today and what investors need to know. Source