News Topic: Fintech

In wealth management and consumer lending, banks are starting to win back clients they had been losing to startups. ... Read full article

Members of the Small Business Committee signaled backing for broadening Paycheck Protection Program access for the smallest companies, encouraging participation by nonbank lenders and other improvements. ... Read full article

Small businesses that took out the loans will soon be applying for forgiveness; U.S. Secretary of State Pompeo and one of HSBC's large investors criticized the bank for buckling to Chinese pressure. ... Read full article

The Department of Financial Services is going live with DFS FastForward, which aims to help innovators in finance, healthcare and insurance consult directly with regulators on specific compliance issues. ... Read full article

Former Comptroller of the Currency Joseph Otting landed a post with Black Knight, which provides technology solutions to mortgage and real estate companies. ... Read full article

The race to provide coronavirus relief for small businesses is opening new routes to fund payments, including underused credit lines. ... Read full article

The agency sought industry feedback on a host of potential changes to ensure that rules are “sufficiently flexible and clear in light of the technological advances that have transformed the financial industry over the past two decades." ... Read full article

Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition. ... Read full article

The new product, which comes as an earlier partnership with the online lender Kabbage is sputtering, figures to appeal to companies with tight cash flows. ... Read full article

With no way of knowing just how many borrowers will need the mods after the coronavirus forbearance period ends, lenders are deploying artificial intelligence and servicing protocols to tame the ferocious piles of paperwork awaiting them. ... Read full article

Bankers have become more uncertain about how to serve marijuana businesses owing to confusion about which states deem them essential. ... Read full article

New authentication methods make it harder to fake biometrics, Eric Setterberg of Fingerprints argues. ... Read full article

The global e-commerce site is rolling out a suite of banking tools for its growing U.S. user base later this year that will help them bank and manage their businesses all in one spot. ... Read full article

Oxygen helps customers obtain business licenses and separate their personal and business lives. Its says its services will be in demand as the pandemic accelerates a shift away from traditional jobs. ... Read full article

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic. ... Read full article

The upstarts enjoyed rapid growth during the long economic expansion. Now they are on the ropes. ... Read full article

Late approval and delayed access to the Fed’s liquidity facility have forced fintechs to play catch-up in the Paycheck Protection Program. A strong finish could bolster their case for becoming full-fledged Small Business Administration lenders. ... Read full article

The startup, which had already been offering unsecured loans to newcomers to the U.S., is working with technology and banking partners to offer them deposit accounts and debit cards. ... Read full article