Mike Cagney’s new firm says it’s giving banks ‘a compelling reason’ to use blockchain
The SoFi co-founder said Figure Technologies is working with national banks to employ its distributed ledger tech for loan originations.
Fintech
Consumer credit will remain strong in 2020: TransUnion
Casting aside recession fears, the credit bureau predicts credit cards, mortgages, auto loans and unsecured personal loans should all perform well — including those extended by online lenders.
Stern warnings to lenders mulling end run around California rate caps
Federal and state policymakers wagged their fingers this week at high-cost lenders that might be looking to team with banks to evade a 36% ceiling on interest rates.
CommonBond’s new play for more student loan refi partners
The online lender said it applied insights from its partnership with Fifth Third Bancorp in developing a new digital platform it’s marketing to other large financial services companies.
As federal fintech regulatory plans founder, a push for alternatives
Many in the space are seeking the creation of a "flexible" supervisory regime that relies on existing authorities and a hands-off approach from state agencies, but such a plan faces an uphill battle.
Opinion CFPB can do better by fintechs than a ‘policy tool’
It should offer some form of guidance to spur innovation, a former official with the bureau says.
Dan Quan
Nevcaut Ventures
LendingClub’s new pitch to institutional investors
The company has rolled out an online platform for firms considering marketplace loans as an asset class.
Freddie Mac said to test artificial intelligence underwriting software
Freddie Mac's efforts to improve underwriting could include the use of a technology firm's artificial intelligence-driven consumer-risk modeling software that can expand access to credit, according to the Wall Street Journal.
Freddie Mac launches mortgage data app for lenders
The mortgage industry has put more emphasis on organizing data in a digital manner and presenting it in an easily digestible format.
CRE meets AI in fintech’s tool for lenders
Blooma has developed a software product that combs databases to create property profiles for commercial real estate lenders. It can drastically cut origination costs and approval times and help banks identify safer loans, the company says.
Pagaya teams with Prosper in third AI-driven ABS deal
The tech-driven asset management firm announced it had closed a $115 million asset-backed securities deal led by Cantor Fitzgerald, with unsecured consumer loans acquired from Prosper Marketplace.
By
Glen Fest
HSBC USA launches digital lending platform, admits to playing catch-up
The LendingClubs and SoFis of the world have a big head start, but HSBC's U.S. unit says its partnership with the fintech Avant will help it close the gap in online personal loans.
Cross River gets onboarding system it coveted in fintech deal
Seed, a San Francisco startup, has developed a platform that lets small businesses quickly open accounts online. That's an important feature for Cross River as it courts more fintech clients.
Automated valuations a mixed bag for RMBS credit quality: Moody’s
Because automated valuation models have not been subjected to a stressed housing market, their increased use holds negatives and positives for residential mortgage-backed securities credit quality, a Moody's report said.
Cross River poaches execs from student refinancing firm Laurel Road
The executives were hired for their focus on loan origination, portfolio management and securitization.
Google and PayPal explored OCC’s fintech charter, then walked away
Dozens of companies, including Google and PayPal, met with OCC officials last year in part to discuss obtaining a new fintech charter, but many ultimately decided not to pursue it, according to sources. Here's why.
Once dismissive of fintechs, traditional lenders now feeling their bite
Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Banks' card portfolios are taking a hit.
GreenSky loses key partner, raising concerns about its other bank relationships
Regions Financial said Thursday that it will not renew its contract with GreenSky — a move analysts say could prompt other banks to re-examine their lending arrangements with the fintech.
SoFi consumer-loan ABS pool shifts toward shorter-term loans
Social Finance is supplying lower levels of credit enhancement to its third consumer-loan securitization of 2019.
By
Glen Fest
GreenSky eyes growth in health care, e-commerce loans
The Atlanta company reported a first-quarter revenue increase of 22%, and it has established a more aggressive target for the full year.
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