Marketplace lending

SoFi applies to open a national bank


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.


How COVID-19 could alter the regulatory landscape


The 2008 financial crisis transformed banking regulation. But how have those changes held up in the current recession, and what might be coming next?


Online lender Upstart launches auto loan platform


Upstart, which specializes in the use of alternative data and AI in credit decisions, will make car loans directly and sell its technology to banks and other lenders.


OnDeck Capital in high-stakes talks with creditors


With credit quality suffering due to the coronavirus outbreak, the online business lender faces onerous loan repayments if it can't renegotiate a corporate debt facility.


Societal upheaval strengthens case to expand CRA to nonbanks: Ludwig


Former Comptroller of the Currency Gene Ludwig says making online lenders, credit unions and other nonbanks comply with the Community Reinvestment Act would be a powerful tool in addressing racial and economic injustices.


Santander Group invests $40M in consumer lender Upgrade


Other challenger banks focused on personal loans have struggled since the onset of the coronavirus pandemic.


Kabbage lets Uber drivers apply for PPP loans from their phones


The online lender quickly built an app for ride-share drivers with much of their information already filled in.


How coronavirus pivot helped this British fintech land PNC


The challenger bank OakNorth has been peddling its lending platform to U.S. banks for a year. When it saw COVID-19 on the horizon, it retooled to include a ratings system predicting how borrowers will be affected by the pandemic.


OCC finishes rule meant to sidestep 'Madden' ruling


The new regulation is intended as a workaround for banks affected by the 2015 decision that created legal uncertainty for loans sold across state lines.


Battered by coronavirus crisis, online lenders face reckoning


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