Online lenders are evading New York regulations by claiming their loans are “made” by federally chartered or out-of-state partner banks, Department of Financial Services Superintendent Maria Vullo told lawmakers Monday.
Archaic regulatory frameworks are curbing progress in fintech. We must modernize our rules so they address an internet- or mobile-based economy.
Banks are losing wealthier underbanked customers to alternative lenders — an undercurrent that is halting progress in expanding credit access for all.
BorrowersFirst said its new financing will come from Waterfall Asset Management, a New York firm that focuses on high-yield investments.
