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While other European-based banks have retreated from the United States, Santander is doubling down by building out its nationwide digital-banking platform. "Unequivocally," said U.S. CEO Christiana Riley, "the opportunity … is so clear."
Openbank, which has operated in parts of Europe for years, should help the Spanish bank to fund its U.S. auto lending business, executives said.
Klarna Bank, which advertises itself as a way to spread the cost of the latest brands and smartphones, is shelling out loans for milk and gas with cash-strapped customers looking for ways to cover basic necessities.
The digital lender, which bought Radius Bancorp in February, still expects to record a full-year loss partly because of merger-related costs. But its stock price soared Thursday after it reported second-quarter net income of $9.37 million.
The company, poised to complete its purchase of Radius Bank, will enjoy new cross-selling opportunities, gain additional sources of fee income and capital as well as benefit from greater regulatory clarity, CEO Scott Sanborn says.
Several consumer advocacy organizations have urged the Office of the Comptroller of the Currency to deny the online lender's application for a national bank charter, citing concerns about its lending and debt-collection practices.
American Express isn't acquiring any loans in its deal for the online small-business lender. Here's what it is getting.
If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.
Jane Gladstone, new president of Promontory Interfinancial Network, says the recession will accelerate the shakeout among the nonbank disruptors and that small banks have an opportunity to forge new bonds with the survivors.
Other challenger banks focused on personal loans have struggled since the onset of the coronavirus pandemic.
While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.
Jason Gardner, founder and CEO of the card issuer Marqeta, discusses his experiences in starting up multiple fintechs and makes predictions for the new year.
New CEO Tim Wennes is counting on soon-to-launch digital offerings to boost consumer loans and deposits and playing up Santander's international reach in a bid to win over middle-market and corporate clients.
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.
The decision is a blow to OnDeck, which said Monday that it intends to pursue a bank charter, either by applying for one or by buying a bank.
As lawmakers meet this week to discuss artificial intelligence, they should work with regulators to create universal and workable definitions.
Federal Reserve Chairman Jerome Powell says the agency is closely monitoring leveraged lending risks, but suggests further regulations on banks aren’t warranted.
The executives were hired for their focus on loan origination, portfolio management and securitization.
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.
Colin Walsh, Varo’s chief executive, says the disruptor has hired several former regulatory officials to help in what has admittedly been “a difficult process.”
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