What LendingClub and Radius saw in each other
The heads of the two companies explain how the deal came about, what hurdles they face and how they plan to mash up their very different operations.
Technology
LendingClub to acquire Radius Bancorp for $185 million
The deal for Boston-based Radius would be the first in history in which an online lender buys a mainstream bank.
Fed’s Powell open to more than one Libor alternative
Federal Reserve Chairman Jerome Powell told senators that the central bank is willing to explore a credit-sensitive interest benchmark in addition to the secured overnight financing rate, which some banks say could cause problems during economic stress.
In rebuke of CFPB, states look to get tough on debt collectors
In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.
Expect ‘a lot more dismantling’: A fintech entrepreneur’s vision for 2020
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.
Private equity takes a breather from investing in banks
PE firms have made investments in only seven banks in 2019, compared with 21 last year. Here's what's driving the slowdown.
‘Out of the shadows’: Use of alternative data in lending gains ground
Financial regulators’ statement cautiously encouraging lenders to go beyond traditional underwriting in their lending decisions is a big step forward for the use of alternative data and artificial intelligence, bankers say.
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.
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.
OCC flags risks from banks’ tech overhaul, Libor transition
The agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate.
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.
Regulators issue warning on growth of nonbank mortgage sector
A report from the Financial Stability Oversight Council cited a bigger share of originations and servicing by nonbanks as a potential vulnerability in the financial system.
5 questions about wholesale lending for Plaza’s Kevin Parra
In a recent interview, Plaza Home Mortgage CEO Kevin Parra discussed why he likes certain underutilized loan products, thinks online lending will be limited, and is bullish on third-party originations.
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.
How BNY Mellon is going further on AI
The custody bank has deployed more than 300 bots and is using artificial intelligence throughout the organization.
Packaged by AI, managed by AI
Banks and lenders have made inroads in analytics and automation with machine-learning technology. Will asset management follow suit?
By
Glen Fest
OpenFin, FactSet partner to make their apps, data feeds work together
Banks like RBC and JPMorgan Chase can now more easily draw real-time FactSet data feeds into applications.
‘We don’t need to be scared by sunshine’: Industry backs CFPB rule
At a forum convened by the CFPB, several bank and fintech executives argued that long-delayed rules required under the Dodd-Frank Act can help fight discrimination and shine a light on unsavory practices in the market for small-business credit.
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
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