How Treasury could come down on fintech regulation
With the question of a federal charter still looming, Treasury's last report on changes to the financial regulatory system will focus on nonbanks and new tech startups.
Marketplace lending
Improved MPL pools no guarantee of ABS performance, says Fitch
The ratings agency cautions that marketplace lenders' efforts to tighten credit standards during a "solid" macroeconomic environment underscore the volatility their portfolios might face in a downturn.
By
Glen Fest
Avant continues to benefit from tighter underwriting criteria
The online lender was able to lower the credit enhancement (again) on its latest securitization of consumer installment loans, the $221.9 million Avant Loans Funding Trust 2018-A.
LendingClub’s losses widened in 1Q despite strong loan growth
Legal costs and legacy issues related to previous management continue to weigh on the online lender's results.
U.K. online lender Funding Circle returns to securitization market
All of the loans in the £206.6 million deal were funded by institutional investors; the transaction allows these institutions to exit their investments by pooling loans into collateral for bonds.
Kabbage plan in Orchard deal: Expand offerings to banks, small businesses
Using Orchard’s data science smarts, Kabbage intends to offer new payment products to small businesses and loan portfolio insights to financial institution partners.
Government accuses LendingClub of misleading borrowers
The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.
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.
SoFi names longtime Goldman Sachs exec Michelle Gill as next CFO
Gill, who spent 14 years at Goldman, will fill a role that has been vacant since last summer at SoFi.
Larry Summers to step down from LendingClub’s board
No reason was given for his exit by the Silicon Valley lender, which named another prominent economist, Susan Athey of Stanford, to its board of directors.
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.
Prosper’s earnings suffer from cost of deal that bolstered funding
The San Francisco-based online lender reported a net loss of $115 million for 2017, more than half of which was connected to warrants issued in a deal that stabilized the struggling firm.
LendingClub trims CE on next near-prime consumer loan ABS
As in prior transactions, the company itself contributed only a small portion (7.55%) of the collateral for CLUB 2018-NP1; but this time only three unaffiliated parties were invited to contribute the remainder.
OnDeck Capital to replace its longtime finance chief
The online lender is hiring Kenneth Brause, a CIT Group executive, to succeed CFO Howard Katzenberg.
Resurrecting Libor, putting more fin in fintech: Talk of SFIG Vegas
From efforts to fix the London interbank offered rate to changes in online lenders' funding programs, here are some of the highlights of the Structured Finance Industry Group's 2018 confab in Sin City.
What’s next for marketplace ABS? Revolvers, ETFs & IOs
LendingClub, Marlette and others are looking at additional changes to both their securitization and whole-loan sale programs that could further broaden their investor bases.
Bill to unwind Madden ruling clears House, but Senate is question mark
The legislation, introduced by Rep. Patrick McHenry, R-N.C., would essentially reverse a court ruling that marketplace lenders say has blocked them from helping more consumers access credit.
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.
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