News Topic: Marketplace lending
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Connecticut slaps fintech Solo Funds with cease-and-desist order
Unfair lending with AI? Don’t point just at us, fintechs and online lenders say
LendingClub, fueled by surge in loans, posts surprise profit
Fintech's deal for tiny Utah bank may rile consumer advocates
OCC not reviewing Trump-era 'valid when made' rule, Hsu says
The fintech Amount raises $100M from Goldman Sachs, Barclays, others
What's the fate of bank-nonbank partnerships after 'true lender' vote?
Avant, online lender to near-prime consumers, buys a neobank
Will banks be pulled into GameStop uproar?
Banks weren't involved in the trading frenzy, but some observers say the regulatory response should address risks to all financial institutions. ... Read full article
Fresh off IPO, Upstart aims to push boundaries of AI-based lending
The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says. ... Read full article
Why PPP fraud hit fintechs harder than banks
Scammers may have had more success at duping fintechs than banks in obtaining Paycheck Protection Program loans. But there are reasons for this apparent disparity. ... Read full article
End of an era: LendingClub to drop P2P platform
The San Francisco fintech, which is buying Radius Bancorp, will discontinue peer-to-peer lending and instead offer new products, like high-yield savings accounts, to its retail investors. ... Read full article
One lender's ideas on how to save small business
Kabbage co-founder Kathryn Petralia, whose company is being sold to American Express, discusses government and financial-sector lifelines she says could help businesses that have been hit hardest by the pandemic. ... Read full article
Online loans are holding up better than expected
Fintech lenders that reported a surge in missed payments at the start of the pandemic have seen credit quality rebound substantially since. But credit performance could still deteriorate if high unemployment persists and Congress fails to enact more relief ... Read full article
Colo. 'true lender' settlement is path forward for bank-fintech partnerships
The agreement between Colorado authorities, marketplace lenders and banks offers a way to structure partnerships without triggering the wrath of state regulators. ... Read full article
Mike Cagney launches blockchain for loan trading. Will banks go for it?
The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals ... Read full article
States sue FDIC over 'rent-a-bank' partnerships
A group of eight Attorneys General filed suit against an FDIC final rule related to ‘rent-a-bank’ partnerships, mirroring a similar suit filed against the Office of the Comptroller of the Currency last month. ... Read full article
Why Amex is buying Kabbage
American Express isn't acquiring any loans in its deal for the online small-business lender. Here's what it is getting. ... Read full article
Would McWilliams stay on at FDIC if Biden wins?
Jelena McWilliams's term as FDIC chair expires in 2023, and she cannot be removed by an incoming president. But if Joe Biden prevails, he may ask her to stay — and if she does, governing a Democratic-majority board would be a very different ... Read full article