deBanked reports that Levi King one of the co-founders of Nav has resigned; Nav is a company which helps small...
SoFi is partnering with WSFS financial to roll out free checking account and debit cards this spring; it is calling the new initiative “SoFi Money”; the product will include peer to peer transfers, mobile check deposits and high yield interest rates on deposits; SoFi members will be the first to have access to SoFi Money before a broader rollout. Source
The Fed made one increase to the federal funds rate in December 2016 and economic market activity appears to be improving with the election of President-Elect Donald Trump; Rohit Arora of Biz2Credit says the outlook is optimistic for small business owners in 2017; with only one rate increase, borrowing rates are still low for small business owners and lenders are approving a higher percentage of loans; Donald Trump's plans to alleviate some of the burdens from Dodd-Frank on banks is also likely to help approval rates for small business owners. Source
Big Banks vs. Silicon Valley Startups – Whose Customer Financial Data Is It Anyway? Mixed Bank Earnings; PeerIQ’s Modeling Archive...
Discusses the provisions of the Protecting Consumers Access to Credit Act of 2017; says the legislation which seeks to fix Madden v. Midland will cause increased predatory lending; bill is based on valid when made doctrine and author discusses the consumer protections involved in loans that are transacted after issuance. Source
FinTech Sandbox is a non-profit which aims to further financial services by providing both data and infrastructure to fintech startups;...
Social Finance Inc. has filed as a sponsor for a securitization portfolio of private student loans; SoFi Lending Corporation, will act as the securitizer for the SoFi Professional Loan Program LLC 2017-B (SOFI 2017-B) portfolio. Source
Radius Bank in Boston has been partnering with fintechs for the last few years in an effort to build relationships for the long term that benefit the bank and fintech company; “We’ve built a culture inside this company that believes in the future of virtual banking, and the demands clients are going to put on us to be an Amazon-like experience for them,” says Radius CEO Mike Butler to American Banker; the bank is looking to use fintech companies to build this experience as they are unable to build all of this in house. Source.
Experian is the most recent company to join the Marketplace Lending Association; credit reporting agency Experian has become actively integrated in the marketplace lending ecosystem and is committed to supporting transparent and responsible financial innovation for the marketplace lending industry; Experian's expertise in data and analytics will greatly support the goals of the Marketplace Lending Association. Source
According to a new study released by J.D. Power consumers gave the highest ratings to some of the biggest banks...