Small businesses turning far more often to online lenders: Fed
The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.
Commercial lending
Avant to pay $3.85M to settle allegations of deceiving borrowers
The Federal Trade Commission accused the online lender of numerous violations in connection with its loan servicing practices. In one example, Avant allegedly informed customers that they could make payments by credit card or debit card but then refused to accept such payments.
Real-time data was Kabbage’s secret sauce, its first investor says
The online lender's recent completion of a $700 million securitization provided Jonathan Ebinger at BlueRun Ventures an opportunity to reflect on what he has learned about the power of alternative data.
Online lender Upstart eyes expansion after latest funding round
The San Francisco fintech, which uses artificial intelligence to make consumer credit decisions, has raised an additional $50 million. It also announced new partnerships with lenders and plans for a credit card.
California lawmaker considers statewide CFPB
Assemblywoman Monique Limon is in the “early stages” of exploring how to create a state-level Consumer Financial Protection Bureau as part of a broader push for more consumer protection for state residents.
‘If the product is good, it should sell itself’: A Q&A with Earnest’s CEO
Susan Ehrlich, the fintech lender's new chief, discusses what she learned working at Amazon and Simple and how her firm is approaching consumer loans differently.
BMW’s $1.2B lease ABS brings quarterly volume closer to record
With an expected March 20 closing, BMW's next lease securitization brings first-quarter deal volume to $6.5 billion, the highest three-month total in four years.
By
Glen Fest
Kabbage earns an AA from Kroll on its next small biz loan facility
The online lender is taking advantage of the cheaper funding this could provide to refinance a $610 million facility that does not expire for another year.
Can Citi and Chase beat fintechs at their own game?
The upstart lenders have been chipping away at credit cards’ consumer-lending dominance by offering fixed-rate loans with predictable repayment plans. Now the card giants are fighting back.
Peril and promise in lending to retailers
Brick-and-mortar retail isn’t dead yet. Though the trend of retailers closing stores in the face of stiff competition from e-merchants is certainly troubling to commercial real estate lenders, it would be a mistake to conclude that all retail loans are risky. Here's a look at which ones are the safest and, potentially, the scariest.
By
Andy Peters
GreenSky, Amex to roll out partnership in five cities
The Atlanta company, which reported fourth-quarter results Tuesday, said that the lending partnership with American Express will launch in Atlanta, Chicago, Dallas, Los Angeles and Dallas within the next 60 days.
SFIG Vegas: GM Financial along for ride with electric, driverless vehicles
The captive lender is already underwriting and managing leases for GM electric cars in China; it is also buying and managing fleets for GM’s Maven ride-sharing program launched in the U.S. in 2016.
By
Glen Fest
Banks fall further behind fintechs in personal lending
Personal loan balances hit an all-time high in 2018, while fintech lenders widened their market share lead over banks and credit unions, according to new data from TransUnion.
By
Andy Peters
VW to issue another £621.1M UK vehicle lease asset-backeds
Some 35% of vehicles backing Driver UK Master Compartment 5 have diesel engines; presale reports do not indicate the percentage that meet more stringent EU emission standards.
By
Glen Fest
Banks healthy enough to absorb leveraged-loan risks: Moody’s
Amid widespread concern about their exposure to leveraged lending, the debt rating agency says banks have sufficient earnings and capital cushions to continue investing in the sector.
By
Andy Peters
Could LendingClub return to profitability in second half?
The online consumer lender trimmed its losses in the fourth quarter and says an adjusted, non-GAAP metric suggests it's on the path to getting out of the red later this year.
Ford ramps up truck/SUV concentration in next lease ABS
More than 83% of the vehicle-lease value in Ford Motor Credit's $1.1 billion lease securitization is tied into trucks, minivans and utility models.
By
Glen Fest
Kroll: Upstart’s focus on more extended-term loans adds ABS risk
Credit enhancement and expected loss levels in Upstart's 2019 securitization debut have risen from its previous deal last August.
By
Glen Fest
CommonBond gets $750 million in lending funds from top banks
Barclays, BMO, Citibank, Goldman Sachs and ING contributed to the online student lender, which last year made over $1 billion in loans.
State AGs assail CFPB plan to build fintech sandbox
The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.
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