‘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.
Fintech
Rivalry between two Silicon Valley lenders turns personal
Seven years after James Gutierrez left Oportun Financial and started a competitor, the acrimony sparked by the divorce is coming into public view.
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.
Digital lender founded by ex-SoFi CEO raises $65M to fuel expansion
Figure, the startup headed by Mike Cagney, uses blockchain technology to provide home equity loans in as little as five days. It intends to use the newly raised funds to offer other services, including wealth management.
Mortgage delinquencies fall, while fintechs’ prospects brighten
Fewer mortgage borrowers are falling behind on their payments, and consumers' broader borrowing habits indicate an increased willingness to turn to nontraditional sources like fintechs for their lending needs, according to TransUnion.
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
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.
Online lender Marlette reports profit, then takes jabs at the competition
As the consumer lender announced its seventh consecutive profitable quarter, its CEO bragged that his company is better positioned than the likes of Goldman Sachs and LendingClub.
KeyCorp’s deal for student lender raises eyebrows
Executives at Key pushed back against doubts over a deal for Laurel Road Bank’s digital lending platform so late in the credit cycle, arguing that its customers are prime borrowers with high incomes.
CFPB once again enters new year with direction TBD
The biggest question is whether new CFPB Director Kathy Kraninger will deviate from the pro-industry policies of her predecessor, or bring continuity.
Fintechs look to fill void in private student lending left by banks
Many banks remain wary of student loans given the government's dominance in the market, but some fintechs see untapped potential.
CommonBond braces for shift to Gen Z in buying student-coaching fintech
The online lender has acquired NextGenVest, which uses AI and text messaging to advise high school and college students about getting loans. CommonBond’s goal is to better understand the distinctly different demographic group rising behind millennials.
To boost credit scores, FICO, Experian, Finicity want bank data
In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.
Opinion Renaud Laplanche’s redemption story is a bad omen for fintech
Despite being barred from the securities industry by the SEC, LendingClub’s founder has found plenty of people to back his latest venture — and that’s a problem.
Opinion No need to fight over the OCC’s fintech charter
Federal and state regulators are at odds over the Office of the Comptroller of the Currency’s new licensing program, but there are ways to improve current law to appease both sides.
Brian Knight
Mercatus Center at George Mason University
OnDeck creates new subsidiary for bank partnerships
ODX will pursue deals with banks that want to use the New York lender’s technology to offer online small-business loans.
Former SoFi CEO’s startup unveils digital home equity loans
Mike Cagney’s current venture, Figure Technologies, is offering consumers the ability to apply online for home equity loans and get funding in as little as five days.
U.S. Bank takes on fintechs with new online loans, card for small businesses
The bank seeks to answer the threat posed by disruptors with quick online loans and a card that rewards small businesses for more kinds of spending.
Fintech firm Scratch aims to replace traditional mortgage servicers
A new financial technology company called Scratch is planning to use a new web-based platform along with an alternative pricing model to compete with companies that service mortgages and other consumer loans.
N.Y. state refiles suit to block OCC’s ‘reckless’ fintech charter
The state's banking regulator and the Conference of State Bank Supervisors are reviving litigation after the Office of the Comptroller of the Currency said it would accept charter applications.
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