CFPB Monitor

OCTOBER 6, 2022

A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender” challenge.

California 78

California FDIC Analysis Utah 78

PYMNTS

OCTOBER 27, 2019

lending division in recent months, with a focus on its agriculture and energy teams, Reuters reported. The company’s agricultural lending division, which gives loans to farmers, was cut by at least 25 percent, while the bank also laid off about 7 percent of the staff from its energy lending group over the summer. billion, or 15.3

Lending 103

Lending South Dakota North Dakota Wyoming 103

CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate.

Utah 78

Utah California FDIC West Virginia 78

CFPB Monitor

FEBRUARY 5, 2021

Yesterday, the California DFPI issued an invitation for stakeholders to provide input on rulemaking to implement the recently-effective California Consumer Financial Protection Law (CCFPL). Comments are due by March 8, 2021. As the invitation notes, pursuant to Cal.

California 78

California Los Angeles Regulation Resources 78

American Banker

FEBRUARY 7, 2020

Sierra Bancorp in Porterville has formed dedicated lending teams in Sacramento and Greater Los Angeles in its bid to accelerate loan growth following a sluggish 2019.

Los Angeles 38

Los Angeles Sacramento Lending California 38

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

PYMNTS

APRIL 22, 2020

When you look at the history of retailing you see that some goods and services lend themselves to the standardized experience and market disruption that you’ve seen from the Amazons of the world,” said Shift CEO Toby Russell. That kind of flexibility will be critical if the business is to make up lost ground after the crisis passes.

Marketing 195

Marketing Online Video Industry 195

CFPB Monitor

MARCH 16, 2023

On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against RMK Financial Corporation d/b/a Majestic Home Loan (RMK), a California-based mortgage lender, based on allegations that it falsely implied government endorsement of its home loans in its marketing. Continue Reading

California 78

California Lending Marketing FDIC 78

South State Correspondent

MAY 9, 2024

As the risk of a recession gets pushed out by the market, so does the risk of credit. This data is critical for pricing, capital allocation, and marketing. The credit risk in California increased the most by 103 bps due to higher inflation, primarily driven by wage costs. When you write a blog, your work is there for all to see.

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Data Trends North Dakota Capital 195

PYMNTS

MAY 2, 2017

In a partnership formed recently with Puerto Rico’s Oriental Bank, Biz2Credit said late last month that it has begun offering its digital lending platform to the bank’s commercial clients. Drilling down a bit into the Puerto Rico market in particular, Arora noted some differences between small business lending versus, say, the United States.

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Puerto Rico Lending Online United States 118

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.”. The consumer credit market has huge potential — trillions and trillions of dollars — and I wanted to ride that winner. And disrupt Lending Club did, with its marketplace lending model, scores of imitators in the U.S.

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Lending Compliance Capital Marketing 100

CFPB Monitor

FEBRUARY 21, 2019

A bill introduced last week in the California State Assembly could change the consumer lending landscape in California considerably. California’s unconscionability doctrine is incorporated into the CFL. AB 539 expressly provides that a CFL-regulated loan cannot be found unconscionable based on the interest rate alone.

California 68

California Regulation Lending Security 68

Bank Innovation

DECEMBER 8, 2017

EXCLUSIVE- Emerging markets-focused money transfer app WorldRemit has raised another round of funding, bringing the total amount to $220 million. The new Series C funding of $40 million was led by LeapFrog Investments, a PE firm that focuses on Asian and African markets.

California 249

California Marketing Capital Online 249

CFPB Monitor

JUNE 8, 2016

On June 9, 2016, the FTC will host a “ FinTech forum on marketplace lending ,” the first in a forum series described by the FTC as “exploring emerging financial technology and its implications for consumers.”

Lending 60

Lending Fintech California Survey 60

PYMNTS

AUGUST 14, 2020

Initialized Capital Management has notched $230 million for Initialized V , the California venture firm’s fifth fund, which is geared toward backing early-stage companies, Bloomberg reported. The firm was to use the money to keep investing in its footwear and expand its marketing as well as retail footprint.

Capital 255

Capital California Lending Management 255

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 2, 2020

Big Data analytics reached a market valuation of $29.87 Financial data is useful in helping banks develop wide-reaching marketing campaigns, but social data is critical to developing offers for specific customers. Every interaction tells banks what customers actually want, meaning FIs just need the right tools to interpret this data.

Analytics 237

Analytics Data Big Data social media 237

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. In the company blog at the time, Hsieh said the recent volatility in the stock market, citing rivals LendingClub Corp.

San Francisco 160

San Francisco New York Lending California 160

PYMNTS

JANUARY 10, 2020

In reality, the CFPB said it provided the information to debt-relief companies to use in marketing. Other companies did the same, such as Lend Tech Loans, between 2017 and 2019. District Court for the Central District of California. The CFPB said Monster Loans pretended to use the data to offer mortgage loans. 9 in the U.S.

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Lending California Data Report 134

PYMNTS

AUGUST 14, 2020

“But just the need for financial services companies to wake up and finally digitize it all the way they’ve been talking about doing for a long time, I think that is the real enduring tailwind for the FinTech market,” Birnbaum said. Birnbaum said Square “is layering in stock trading, crypto trading and now they’re moving into lending.

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Fintech Apple California Google 300

PYMNTS

DECEMBER 30, 2019

As banks continue to shy away from providing small business loans, many small and medium-sized business (SMB) owners have turned to online lending companies to fill the gap. There is a significant number of bad actors who are mostly unregulated,” said Luz Urrutia, CEO of Opportunity Fund , a California nonprofit.

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Lending California Online Company 131

PYMNTS

AUGUST 14, 2020

million in combined funding, B2B FinTechs remain resilient in today’s current market. Vitesse plans to deploy the investment to fuel growth and focus on sales and marketing initiatives, while also broadening its presence in the U.S. Lending-as-a-service technology company Blend has secured a nearly $1.7

California 163

California Capital Fintech Security 163

PYMNTS

OCTOBER 27, 2019

lending division in recent months, with a focus on its agriculture and energy teams, Reuters reported. The company’s agricultural lending division, which gives loans to farmers, was cut by at least 25 percent, while the bank also laid off about 7 percent of the staff from its energy lending group over the summer. billion, or 15.3

South Dakota 104

South Dakota North Dakota Wyoming Idaho 104

PYMNTS

JUNE 14, 2020

Not only has Square processed $100,000 in Bluebonnet payments annually, she said, Square’s lending arm has offered customers financing and she has used its software for customers to book sessions and launch marketing campaigns, the report said. Hudson told WSJ she plans to drop the company.

San Francisco 221

San Francisco Boston Washington Software 221

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. Operating in the trade finance market, CCRManager announced $6.5 CCRManager.

Analytics 109

Analytics blockchain California Lending 109

PYMNTS

JANUARY 17, 2020

Two industry startups secured their first venture capital rounds this week, with investors targeting an array of service providers — from alternative small to medium-sized business (SMB) lenders to B2B sales automation platforms — and focusing on a variety of geographic markets, from India to California. million in seed funding, U.K.-based

Payments 131

Payments Capital California Security 131

PYMNTS

NOVEMBER 25, 2019

currently serve the cannabis industry, with the number of FIs lending in the space increasing by 61 percent year over year. A California Credit Union Keeps its Marketing Efforts Trusted and SAFE. Another CU issue currently awaiting federal regulation is legalized marijuana.

Alaska 154

Alaska Hawaii California Analytics 154

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. The Series C investment will help the California company focus on growth and product innovation to fuel development of its enterprise data warehousing solution. Lendingkart.

Fintech 179

Fintech Analytics Capital Lending 179

PYMNTS

OCTOBER 11, 2019

After one of the busiest weeks of the year for B2B startup venture capital funding, this week revealed a bit of a lull in the market. It was an SMB InsurTech startup, however, that led this week’s roundup, and brought the market its newest unicorn. The company also plans to invest in marketing, its team and technology upgrades.

Capital 169

Capital California Analytics Management 169

PYMNTS

JULY 27, 2020

Davies is leaving Revolut to take over the Allica Bank, which specializes in lending to businesses, according to the FT. small and medium-sized business market, and the chance to lead a newly-licensed bank that can be part of the solution is a great opportunity.” In February, Menlo, California-based TCV led a $500 million round.

United States 140

United States Leadership Risk Management California 140

Jeff For Banks

FEBRUARY 2, 2013

I recently wrote on these pages that FIs should develop Shark Tank like processes to get early stage equity capital into the hands of nearby entrepreneurs to fuel growth in local markets. Take Silicon Valley Bank in Santa Clara, California. But innovation need not start in northern California. Your markets can too.

Innovation 93

Innovation Marketing Capital California 93

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

OCTOBER 4, 2019

More than $874 million in fresh funding landed at B2B startups this week across a range of market segments and geographies. An Egyptian firm landed the MENA region’s largest-ever seed round, a California company proved U.S.-based million in the B2B eCommerce startup, MENAbytes reports said. ForwardLine Financial.

Capital 128

Capital Lending California Regional 128

PYMNTS

JULY 30, 2020

The Sezzle board is excited to see another great addition to the leadership team, which will further accelerate our push into the large-scale enterprise market,” said Kathleen Pierce-Gilmore, a Sezzle board member, in a statement. In January, Sezzle was denied a crucial lending license from California. The company offers U.S.

Minneapolis 145

Minneapolis Leadership Strategy California 145

PYMNTS

OCTOBER 31, 2016

The paper noted that, in September, SoFi received a license to sell life insurance in California through Protective Life Insurance. In September, WSJ reported SoFi was looking to raise $500 million in equity to fund new growth initiatives among mass-market borrowers and international markets.

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South Dakota New York Arkansas Massachusetts 100

PYMNTS

NOVEMBER 29, 2019

Vouch Insurance , which offers insurance to high-growth technology firms through an online platform, said last week that it has raised $45 million in a funding round, and has expanded its service into California. The total raised to date comes in at $70 million.

Policies 191

Policies California United States Management 191

PYMNTS

MAY 30, 2019

The company started the partnership in California in January, and now it plans to expand to 10 major markets across the U.S. Uber sold its subprime-lending unit to Fair in January of last year, and that gave Fair access to about half of Uber’s 30,000 active users.

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Lending California Security Meeting 100