Rob Paterson didn't seem to fit the script of a go-to banker for the pot industry — he barely drank and hadn't smoked a joint since his university days. But three years since taking on his first marijuana customer, that's just what the CEO of Alterna Savings & Credit Union has become.
A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions.
The state’s banking regulator said that the online consumer lender made over 46,000 small loans to Bay State consumers without a license. The company surrendered its license to the state regulator as part of a 2011 consent order.
Software firm MonetaGo and three Indian factoring exchanges have launched a blockchain that can identify invoices that have already been loaned against.
The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semi-annual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.
The Atlanta company partners with banks and merchants to offer consumer installment loans. It could seek to raise as $1 billion as early as this summer, the Wall Street Journal reported.
If the National Credit Union Administration appeals a judge's decision against part of its rule, it could help the ABA potentially upend other provisions.
