CFPB Monitor

APRIL 19, 2022

In 2019, California enacted AB 539 which, effective January 1, 2020, limited the interest rate that can be charged on loans less than $10,000 but more than $2,500 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

California 78

California Innovation Utah United States 78

Abrigo

SEPTEMBER 14, 2022

Financial institutions, fintech companies, and other small business lenders will need to begin collecting a wide array of small business lending data under the Consumer Financial Protection Board’s (CFPB) proposed small business lending data collection rule. California Reinvestment Coalition v. Controversial Provisions.

Lending 195

Lending Data Regulation Community 195

CFPB Monitor

FEBRUARY 21, 2019

A bill introduced last week in the California State Assembly could change the consumer lending landscape in California considerably. AB 539 would add a section to the CFL providing that no licensee may impose a prepayment penalty for any loan not secured by real property.

California 68

California Regulation Lending Security 68

PYMNTS

DECEMBER 10, 2016

Two years ago today, Lending Club was ringing the bell on an IPO that one early investor called “a no-brainer.”. Lending Club’s model does not need bank branches on each street corner, and it can turn around in minutes and hours, not days. “I So what went so right for LendingClub two years ago today at its IPO — and then so wrong?

Lending 100

Lending Compliance Capital Marketing 100

Bank Innovation

MARCH 16, 2016

Lenny is meant for mobile (of course) and launched today in California. Millennials hate credit — but a new service called Lenny is out to change that. It will reach Texas, Florida and New York in the next 10 to 12 months, according to the company, which claims that, in less than three Read More.

Millennials 150

Millennials Mobile Florida Lending 150

Abrigo

SEPTEMBER 5, 2023

unsecured lending is bad rather than unsecured lending should only be extended to high pass risk rated credit). Path to removal – Sometimes an exception is like the Hotel California – you can check out anytime you like, but you can never leave. It just stays on forever.

Policies 195

Policies Lending Risk Management Examples 195

PYMNTS

APRIL 16, 2020

three California technology companies, all wanted a piece of the federal government’s $350 billion loan program, which was designed to keep businesses in the black during the COVID-19 pandemic. . It didn’t help that the SBA’s online loan platform couldn’t handle the lending software the companies used. PayPal Holdings Inc.,

Fintech 160

Fintech Lending Software Training 160

PYMNTS

SEPTEMBER 17, 2020

Five years after LoanDepot ditched plans to go public, the California-based lender, now worth as much as $15 billion, is giving the idea a second look. Securities and Exchange Commission (SEC). The firm, which offers mortgages and other direct-to-consumer loans, is planning an initial public offering (IPO), sources told Bloomberg.

San Francisco 160

San Francisco New York Lending California 160

PYMNTS

AUGUST 14, 2020

India-based ZipLoan secured $2 million in debt funding from Stride Ventures, the Economic Times of India said this week. Mexico’s Creze secured about $12 million in fresh funding that will bolster the company’s small business lending operations. Accounting automation startup CANDIS secured about $14.2

California 163

California Capital Fintech Security 163

PYMNTS

JANUARY 8, 2021

Backers zeroed-in on a range of industries, including SMB banking and lending. With plans to launch a new small business lending bank in the U.K., million in "bridge" funding, with the company planning to close a $27 million Series A investment round that will enable it to secure its banking license. B-North has announced $3.66

Fintech 203

Fintech Capital Lending Operations 203

PYMNTS

JULY 13, 2020

Eligible Sezzle holders will also be able to acquire additional CDIs through a Security Purchase Plan (SPP). Sezzle was also approved for a lending license by California’s Department of Business Oversight (DBO) in January. The company allows shoppers to make payments in four equal numbers across six weeks.

Minneapolis 181

Minneapolis California Strategy Lending 181

CFPB Monitor

APRIL 14, 2021

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.

CA 78

CA Regulation California New York 78

PYMNTS

JANUARY 17, 2020

With Tradeshift securing a nine-figured fundraise, the supply chain payments company was the undoubted leader of this week’s B2B venture capital fundraise. But the company wasn’t the only B2B FinTech to secure fresh funding. The company secured the new investment from Marchmont Ventures, according to Insider.co.uk

Payments 131

Payments Capital California Security 131

PYMNTS

AUGUST 16, 2019

Small business finserv was a popular target this week, with startups securing funding for their SMB banking, lending and accounting tools. Data technology startup Incorta secured $30 million in support from backers at Sorenson Capital, GV, Kleiner Perkins, M12, Telstra Ventures and Ron Wohl, the company said this week.

Fintech 179

Fintech Analytics Capital Lending 179

PYMNTS

MAY 31, 2019

The California-based CU sought to solve these problems by launching a financial support program to supply children and teens with loans while also teaching them smart money management. . Security and Long-Lasting Impact . Demand is expected to grow even further in the future. .

Community 115

Community Lending social media Cards 115

PYMNTS

APRIL 19, 2019

The big news in B2B FinTech investment this week came from Airbnb , which is bolstering its presence in the business travel market with new funding, while corporate card startup Brex also secured a prominent debt capital investment. The company said it plans to use the investment to further build out its lending operations.

Capital 174

Capital Lending Cards cryptocurrency 174

PYMNTS

MAY 30, 2019

Ride-hailing giant Uber has teamed up with a leasing startup called Fair to help drivers without credit, or with low capital, secure a car, according to a report by Bloomberg. The company started the partnership in California in January, and now it plans to expand to 10 major markets across the U.S.

Lending 100

Lending California Security Meeting 100

PYMNTS

JUNE 8, 2018

While the alternative lending hype has dulled a bit, it’s been replaced by a far greater hype-machine: blockchain. The company secured $93 million in Series D funding announced this week, with BlackRock Private Equity Partners leading the investment.

blockchain 115

blockchain California Capital Lending 115

PYMNTS

MAY 11, 2018

With more than $175 million raised for B2B startups this week, the undoubted winner was a California-based artificial intelligence data analytics company – a sign, the firm noted, of the enterprise’s increasing reliance on AI. Alternative Lending. Check out the latest investment rounds below. CCRManager. Artificial Intelligence.

Analytics 109

Analytics blockchain California Lending 109

CFPB Monitor

AUGUST 19, 2019

The California Department of Business Oversight (DBO) has issued proposed regulations to implement SB 1235 , the bill signed into law in September 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans, merchant cash advances, and factoring. Signature requirements.

Regulation 68

Regulation CA California Lending 68

PYMNTS

AUGUST 27, 2019

percent, it was only the seventh-most important priority among CUs, which are instead focusing on open banking options that offer anti-money laundering (AML), data security and instant payments technology. The scrutiny isn’t stopping mergers, however, as two of the largest CUs in Southern California are set to become one early next year.

Data 122

Data Report Los Angeles California 122

CFPB Monitor

SEPTEMBER 11, 2018

It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state’s Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and other finance products, such as merchant cash advances and factoring transactions.

CA 60

CA California Lending Security 60

PYMNTS

MAY 21, 2020

a California-based marijuana producer, told the paper. Democrats added wording to the HEROES Act from the proposed Secure and Fair Enforcement (SAFE) Act, which would grant cannabis firms access to the traditional U.S. Small Business Administration (SBA) said at the time that legal weed firms were ineligible for funds. banking system.

System 251

System US Taxes Leadership 251

PYMNTS

APRIL 30, 2018

Securities and Exchange Commission (SEC) is seeking what it has called a “balanced approach” in that arena. Representative Brad Sherman, a Democrat from California. At a House subcommittee hearing this past week, Sherman stated that the securities markets exist to provide jobs. Pushing back on that endeavor is U.S.

US 101

US United States Lending blockchain 101

Independent Banker

JUNE 30, 2022

Here, we highlight some of last year’s most successful loan producers in the areas of agriculture, commercial and consumer/mortgage lending. The score combines the average of the bank’s percentile rank for lending concentration and for loan growth over the past year in each lending category. By Ed Avis. Methodology. AGRICULTURE.

Community Bank 172

Community Bank Community National Philadelphia 172

PYMNTS

NOVEMBER 2, 2018

Targeting small and medium-sized businesses with its asset-based lending solution, The Credit Junction revealed a $23 million equity investment from Century Equity Partners this week. Mission Secure. Shape Security. INDUS said it will move forward with the new capital to focus on expansion and expand its staff. reports said.

Fintech 188

Fintech Capital Security Fraud 188

PYMNTS

OCTOBER 11, 2019

Japan and Australia, allowing Chinese SMBs to trade globally by providing local collection, payments, lending, foreign exchange and other treasury management offerings. challenger bank Tide secured $54.3 We believe this is one of the largest Series B rounds ever secured by a U.K. Canada, the U.S., In a statement.

Capital 169

Capital California Analytics Management 169

Independent Banker

JULY 31, 2022

In partnership with Nymbus, the bank’s custom digital platform is built on a secure cloud-native core banking system with an open API architecture. Featured offerings include commercial banking, commercial real estate lending for both owner-occupied and investment, SBA lending, and deposit and business treasury services.

Florida 91

Florida Community Bank Community FDIC 91

PYMNTS

SEPTEMBER 28, 2020

He said the company’s new owners include PIMCO, a California-based global investment management firm, Davidson Kempner Capital Management LP, a global institutional alternative investment management firm headquartered in New York City and Sixth Street Partners, the San Francisco global investment firm.

San Francisco 139

San Francisco New York City Houston Dallas 139

PYMNTS

JANUARY 13, 2017

Funding Circle, announced that it secured $100 million in equity funding. 12), the company said California-based venture capital firm Accel Partners led the funding round, with participation from Index Ventures, Union Square Ventures, and Temasek Holdings. The biggest online lender for small businesses in the U.K.,

Lending 100

Lending California Capital Online 100

PYMNTS

MARCH 30, 2020

To that end, Chief Information Officer Dave Stafford and Chief Information Security Officer David Bryant of PSCU , a credit union service organization, told PYMTNS that trust and collaboration are key among the efforts to protect consumers. He pointed to features that lend themselves well to banking on mobile devices.

Tools 143

Tools Fraud Data Security 143

PYMNTS

JULY 20, 2018

million with B2B startups this past week, and while investment targets were diverse (including B2B eCommerce and small business lending), the bulk of the funding landed at companies focused on enhancing businesses’ ability to assess their performance. Investors placed more than $136.5 OfBusiness.

Analytics 105

Analytics Capital Tools California 105

PYMNTS

AUGUST 30, 2019

More than $213 million was raised, with investors targeting a range of solutions from alternative lending to document and application programming interface (API) management. based Salaryo will focus on scaling its online service that connects freelancers and entrepreneurs with financing for security deposits on co-working spaces.

Capital 100

Capital California Groups Industry 100

PYMNTS

OCTOBER 4, 2019

An Egyptian firm landed the MENA region’s largest-ever seed round, a California company proved U.S.-based based alternative small business lending isn’t dead with investors and an India startup landed more than half a billion dollars. See all of the latest B2B fundraises below. ForwardLine Financial.

Capital 128

Capital Lending California Regional 128

CFPB Monitor

MARCH 31, 2022

In a new lawsuit filed in a California federal district court, a recipient of Deferred Action for Childhood Arrivals (DACA) alleges that a credit union violated the Civil Rights Act of 1866 (42 U.S.C. 1981) and California’s Unruh Civil Rights Act (UCRA) by denying her loan application based on her status as a DACA recipient.

CA 78

CA United States California Lending 78

CFPB Monitor

JANUARY 7, 2022

A California appellate court has ruled that bail bond premium financing agreements are consumer credit contracts for which cosigners must be given a statutorily prescribed notice that warns of the potential consequences of acting as a cosigner. In BBBB Bonding Corporation v. In that lawsuit, the Bureau alleges that Libre by Nexus, Inc.

CA 78

CA California Regulation Payments 78

CFPB Monitor

MAY 13, 2021

The Act defines a “residential real estate-related transaction” as (1) the making or purchase of loans or providing other financial assistance (a) for purchasing, constructing, improving, repairing, or maintaining a dwelling, or (b) secured by residential real estate, or (2) the selling, brokering or appraising of residential real property.

Company 78

Company Exercises California National 78