Renaud Laplanche’s journey from scandal to second act
The LendingClub founder responded to being booted from his company by starting a new one with involvement from former investors — and a loan buyer he had supposedly wronged.
Fintech
Fintechs have more work to do to prevent discrimination: Congressman
Rep. Emanuel Cleaver, D-Mo., released a survey of lending practices that he said point to practices such as forced arbitration clauses and extracting a customer’s credit score to determine creditworthiness.
Less is more for OCC’s fintech financial inclusion plans
The OCC has simplified language detailing how fintech charter applicants will clear requirements for meeting community needs. The move has some consumer groups worried.
ICBA calls for a new FDIC moratorium on industrial loan charter applications
The industry group wants the FDIC to reject an ILC request from student lender Nelnet and impose a two-year ban on future applications.
6 takeaways from Treasury fintech report: National charter, breaches and more
The Trump administration is making more than 80 recommendations to encourage financial innovation within a regulated space, including endorsing the creation of a federal fintech charter.
Richard Branson, Joe Montana back AI startup for mortgages
Startup LoanSnap, a company funded in part by Virgin Group founder Richard Branson, has launched artificial intelligence that matches consumers with mortgages based on a complex analysis of their financial situation.
Blockchain firm creating mortgage fraud prevention tool
Startup Block66 is using blockchain to create a mortgage audit trail for fraud prevention purposes and also plans to enable trading of securities lenders can use to increase their liquidity.
CFPB looking to hop on fintech sandbox bandwagon
Mick Mulvaney, the agency’s acting director, suggests U.S. startups — like their U.K. counterparts — may eventually be able to test products without fear of regulatory action.
Goldman finally reveals more of its big plans for consumer banking
The Wall Street giant's acquisition of the app maker Clarity Money is only one part of a long-term strategy to build a digital retail bank from the ground up.
Online lenders adopt the model they sought to disrupt
As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.
Online lender touts new personal credit line as HELOC alternative
Upgrade's new product, unveiled Tuesday, is aimed at consumers who are expecting a big expense but may not need to borrow all the money at once. Unlike a home equity line of credit, the loan can be approved in minutes because there is no need for collateral or an appraisal process.
Online lender Upstart is said to seek $100 million from investors
Even as many venture capitalists retreat from the online lending industry, Upstart Network is hoping to find investors still willing to bet on the business.
Two banks take equity stakes in online student lender CommonBond
Fifth Third and First Republic are among the investors in the company’s $50 million equity round.
Opinion A hands-off CFPB might cause trouble for fintechs
As the agency pulls back its enforcement efforts, it opens the door for state authorities to pursue more cases against financial startups for their data collection and privacy practices.
Michael Ross
Jenner & Block
Kabbage vows to curb lending to gun sellers
The online lender is taking a stand against businesses that sell assault weapons or that sell any type of firearms to people under 21.
OnDeck swings to profit, eyes second bank partnership
The online small-business lender is enjoying a payoff from its year-old push to cut costs and tighten underwriting standards. It is also set to announce another lending agreement with a major bank this year, its CEO said Tuesday.
Will multistate licensing plan be enough to woo fintechs?
Fintech firms and industry watchers hope the pilot program will help fix a balkanized chartering system, but getting enough states on board to expand the plan's reach could be a challenge.
Fannie Mae testing mortgages refinanced using Airbnb income
Quicken Loans, Citizens Bank and Better Mortgage are refinancing loans using Airbnb income as part of a pilot project with Fannie Mae.
Five challenges facing SoFi’s new CEO
Stepping in after co-founder Mike Cagney's resignation, Twitter's Anthony Noto needs to overhaul the firm's corporate culture, lay the groundwork for an IPO and determine whether to renew SoFi's pursuit of a bank charter.
JPMorgan to offer car loans online through AutoFi
The agreement marks the latest example of the banking giant teaming with a fintech to speed up delivery of services to its customers.
By
Alan Kline
Load More
Couldn’t load more articles. Try again.