Trade groups that work on behalf of banks and credit unions warned the Office of the Comptroller of the Currency...
Former Securities Exchange Commission Chairman Arthur Levitt, Sarah Friar, chief financial officer at Square, and Scott Sanborn, CEO of Lending Club recently spoke on a panel about regulation for fintech companies and recent improprieties; Sanborn noted that sound corporate governance is not unique to fintech, referencing the Wells Fargo story; panelists discussed that regulation is always behind innovation and how regulators and fintech companies may strike a balance. Source
Immigrants face challenges when it comes to accessing credit when they come to the US; while in their home country they may have established a solid credit history, they now have to start from scratch; several fintech companies tackling this problem include Nova Credit, CreditStacks and Petal. Source
Apple and Goldman Sachs have partnered on a new credit card which will include iPhone features to help people manage...
FundersClub is an online venture capital firm investing in startups; it has invested in 217 companies in the past four years with 19 exits; the firm has announced a commitment to disclose quarterly public reports providing more transparency in a historically un-transparent industry; the firm's investments have been successful over the past four years with a comprehensive multiple for returns on realized exits of 1.1. Source
The online lending industry has been ready, willing and able to help American small businesses with the Paycheck Protection Program...
Androscoggin Bank launched a new online lending platform for small businesses in January to better compete with the market's options for online small business loans; the firm's Fast Response Business Loans Platform was built in partnership with an undisclosed fintech firm and has processed half a dozen loan applications since its launch; its lending criteria is based on credit score, number of years in business and being based in Maine; its interest rates start at 6% and it currently offers credit lines of up to $10,000 and term loans of up to $100,000. Source
Last year Accenture ACN issued a digital banking report showing the gap between banks who are digitally focused and those...
CloudMyBiz has announced a one platform solution for alternative lending which includes services for origination, underwriting, servicing and client relationship management; the platform is built on Salesforce.com; CloudMyBiz is active in providing cloud solutions for alternative lending; it specializes in Salesforce implementation, migration, integration, development, third party applications and custom app development, helping clients to streamline processes for increased business efficiency. Source
Goldman Sachs has acquired personal finance app Clarity Money as it continues to build out their consumer focused brand. Adam Dell, founder of Clarity Money, will become a partner at Goldman as a result of the deal. Source.