Marketplace lending

Using AI to make secondary market for online consumer loans


Theorem is marketing its first-ever securitization of unsecured loans. It uses machine-learning technology to gauge the risk of default, a growing concern during the pandemic recession.


EBay offering loans to merchants through partnership with LendingPoint


The e-commerce site and online lender have teamed up to let eBay sellers borrow up to $25,000.


State regulator group, others back lawsuit against OCC fintech charter


The Conference of State Bank Supervisors, banking law scholars and consumer advocacy organizations filed amicus briefs siding with the New York State Department of Financial Services in its court battle with the federal regulator.


Why OnDeck is being sold on the cheap


The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink.


Nonbanks face new disclosure rules on small-business loans in N.Y.


Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers.


Kabbage launches checking account for small businesses


The online lender has already branched out into facilitating payments and analyzing cash flow for small-business customers. Its new checking account is meant to round out those services.


OCC seeks to clarify oversight of third-party lending relationships


The OCC is proposing steps for determining which party is the "true lender," which affects how the agency oversees such arrangements.


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.