Cleveland Fed Pulls P2P Lending Report for ‘Revision’ Over Questions on Data

Bank Innovation

The Federal Reserve Bank of Cleveland has taken a report on P2P lending offline due to questions regarding the report’s underlying data. Compliance Exclusive Lending Payments Risk Social Media Cleveland Fed lending Marketplace Lending Association P2P Lending research

Cleveland Fed withdraws online lending study after doubts arise


Marketplace lending Consumer lending Fintech Federal Reserve Bank of Cleveland TransunionFed researchers purported to show that consumers who use peer-to-peer loans have bad financial outcomes, but questions quickly emerged about the data they used.

Why Cleveland Fed should retract its online lending study


Marketplace lending Consumer lending Policymaking Federal Reserve Bank of Cleveland TransunionThe report’s authors presented findings that seemed to reflect issues with the peer-to-peer lending industry, but they actually relied on data from a much broader category of loans.

Cleveland Fed's Mester on TBTF, Fintech and Interest Rates

American Banker

Banks need more ways to pass CRA lending, service tests: Cleveland Fed chief


Better incentives to lend and invest in underserved communities are also worthy of consideration, Loretta Mester says, as regulators try to blend the best of the Community Reinvestment Act with new ideas in updating its rules. CRA Community banking Under-served populations Loretta Mester Federal Reserve

Citizens Financial to buy M&A advisory firm in Cleveland


The regional bank has a deal to acquire Western Reserve Partners, which offers merger-advisory services to midsize companies. M&A Commercial banking Citizens Financial

FedNow is necessary, Fed digital currency is not: Mester

Payments Source

The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S.

Fed's Mester warns against dismantling post-crisis bank reforms


Federal Reserve Bank of Cleveland President Loretta Mester warned against dismantling core reforms that have made U.S. Financial reform Regulatory reform Loretta Mester Federal Reserve Bank of Clevelandbanks better able to withstand a financial crisis.

Fed study ignites debate over online lending's impact on consumers


The Cleveland Fed's conclusion that U.S. Marketplace lending Consumer lending Underbanked Federal Reserve Bank of Cleveland Lending Club Marketplace Lending Association LendUp SoFi Prosper Marketplace Elevateconsumers are typically worse off after getting online loans encountered strong pushback from their advocates.

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3 things the ‘King of Cleveland’ and credit unions have in common

CU Insight

As a lifelong Clevelander and sports fanatic, I love LeBron! The list goes on and the league’s most dominate player is not done yet (and hopefully not done playing in Cleveland )! . The post 3 things the ‘King of Cleveland’ and credit unions have in common appeared first on CUInsight.

Online Lending And A Tale Of Two Fed Studies


The recent release of a study by the Cleveland Federal Reserve has managed to increase the decibel level of that debate. Cleveland’s Dark Outlook. The Cleveland Federal Reserve Bank captured a lot of headlines with the release of its online lending study – particularly due to its use of the words “predatory” and “needs additional regulation.” Online consumer lending – in a variety of forms – has grown explosively over the last decade.

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Online loans leave consumers deeper in debt, Fed research says


Consumers who have borrowed from online lenders owe more and have lower credit scores than similarly situated consumers who have not used online lenders, according to a study released Thursday by the Cleveland Fed. Marketplace lending Consumer lending Underbanked Federal Reserve Bank of Cleveland Federal Reserve Bank of Philadelphia Federal Reserve Bank of Chicago Lending Club Marketplace Lending Association

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Online Catering Platforms Help Restaurants Reach Offices


To help make this happen, ZeroCater recently notched $12 million in a Series B funding round with Cleveland Avenue as a lead investor, according to Crunchbase. Delivery Cleveland Avenue Corporate Catering Custom Catering food delivery News Restaurants Retail ZeroCaterCompanies often face a dilemma when it comes to corporate catering: They want to order breakfast, lunch, dinner or snacks for their employees, but the process can be complicated.

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KeyCorp discloses $90M exposure from suspected fraud


The Cleveland regional said the matter is tied to a commercial client and that law enforcement is investigating it. Regional banks Fraud detection Fraud liability KeyCorp Ohio Indiana

Online lenders should heed criticism of their effect on borrowers


Marketplace lending Fintech Consumer lending Underbanked Policymaking Subprime lending Federal Reserve Bank of ClevelandEvidence that the credit characteristics of online installment borrowers at the time of repayment are consistently worse than at the time of borrowing should be a sobering thought for lenders that have not been fully tested in a credit downturn.

Ribbon cut on credit union ‘leave behind’ project at Cleveland RNC

CU Insight

Credit unions and University Hospitals Rainbow Babies & Children’s Hospital joined the 2016 Republican National Convention (RNC) and RealClearPolitics to open a horticultural therapy suite in Angie’s Rooftop Garden at UH Rainbow Babies & Children’s Hospital in Cleveland Wednesday. The post Ribbon cut on credit union ‘leave behind’ project at Cleveland RNC appeared first on CUInsight.

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Mezu trumpets privacy with new mobile P2P app

Mobile Payments Today

As consumers become more conscious about which companies they share sensitive information with, a Cleveland-based company has launched a mobile person-to-person app that adds a level of anonymity its co-founder and CEO believes is missing from the market

KeyBank to sell insurance unit to focus on core banking


The Cleveland company acquired the business through its 2016 purchase of First Niagara Financial Group. M&A Insurance Consolidations KeyCorp

BofA Will Add 500 New Locations and Redesigns Old Ones With More Tech

Bank Innovation

With these branches, the bank will also move into Cincinnati, Cleveland, and Columbus, Ohio. Bank of America will open 500 new branches in the United States over the course of the next four years, the bank announced today.

Key names former USAA president as head of business banking


The Cleveland company has tapped Jamie Warder for the senior-level post. Commercial banking Commercial lending KeyCorp USAA

Wellness app inspires KeyBank effort to make branches more relevant


Building off the popularity of its personal financial management tool, HelloWallet, the Cleveland bank is now offering in-person financial checkups as a way to deepen customer relationships.

Fee income, cost control boost KeyCorp's quarterly profit


The Cleveland company reported higher investment banking income and kept many expense items in check during the second quarter. Regional banks Earnings Commercial lending Fee income KeyCorp Ohio

M&A, tax cuts boost KeyCorp


The Cleveland company's acquisition of a boutique investment banking firm contributed to an increase in its fee income. Earnings M&A Fee income Investment banking Ohio

KeyBank Takes Equity Stake in Payment Cycle Firm BillTrust

Bank Innovation

Cleveland-based KeyBank announced a partnership with cloud-based payment cycle management firm BillTrust, with KeyBank taking an equity stake in the firm, the companies said yesterday in a statement.

Third Federal's CRA rating cut on shortage of low-income mortgages


The Office of the Comptroller of the Currency lowered the $14 billion-asset thrift in Cleveland to “needs to improve” from "satisfactory.". CRA Compliance Mortgages Conventional mortgages Third Federal Savings & Loan OCC Ohio Florida

KeyCorp sets $200M cost-cutting plan for 2019


The Cleveland bank gave details on a program for trimming 5% in expenses next year in order to ensure its efficiency ratio goals are met. Regional banks Earnings Revenue and expenses Expense management KeyCorp

Key's call: To modernize consumer lending, it had to strip systems to the core


The Cleveland bank's CIO, Amy Brady, said it had to start replacing legacy systems now to position itself as a leader in the future. Women in Banking Bank technology Core systems Lending Fintech Big data KeyCorp Oracle Amazon

Merger costs take bite out of KeyCorp’s 4Q Profit


The Cleveland company also had a record quarter for its investment banking business. Commercial banking Corporate finance Earnings M&A Consolidations Integrations KeyCorp

Legal industry scores victory over CFPB in debt collection battle


A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers. Enforcement Enforcement actions Debt collection Lawsuits Court cases Sailthru NMN servicing no display Mick Mulvaney Richard Cordray CFPB

Shifting focus to your underinsured borrowers

CU Insight

Credit Unions Lending Joan Cleveland LenderHub SWBC SWBC LenderHubIt’s no secret that the demographic makeup of a financial institution’s membership is changing.

KeyCorp's surge in 3Q profit reflects benefits of First Niagara deal


The Cleveland company's third-quarter profit more than doubled from the same period last year, thanks largely to its 2016 acquisition of Buffalo-based First Niagara Financial Group. Earnings Commercial banking Consumer banking Beth Mooney KeyCorp

Inside Bank of the West's eastward expansion


The San Francisco bank hopes to win middle-market business from its new commercial offices in Cleveland and Dallas. Regional banks Commercial lending Strategic plans Deposits BNP Paribas Bank of the West

KeyCorp Earnings Take Hit from Merger-Related Expenses

American Banker

KeyCorp in Cleveland posted lower profit after merger-related costs cut into its bottom line. breaking_news dealmaking-strategy national-regional

KeyCorp rebuts critics with accelerated earn-back period for First Niagara


The Cleveland company, once criticized for an initial six-year forecast, now believes it will only take four years to rebuild its tangible book value. Regional banks M&A Earnings Revenue and expenses Expense management Ohio New York

3 reasons to fall in love with credit unions

CU Insight

ICU has been widely recognized since 1948 (yes, the year the Cleveland Indians last won the World Series).

Branding and the tattoo of regret

CU Insight

Two perennial underdog teams, the Chicago Cubs and the Cleveland Indians , went down to the wire before the Cubs pulled off the win and ended a 108-year-old championship drought. If you followed the 2016 World Series , you know it was a nail-biter.

Mortgage Man

Independent Banker

Matt Harms Cleveland State Bank in Cleveland, Wis. When there is a need at Cleveland State Bank in Cleveland, Wis., Matt is very much an optimist,” says Tim Schueler, Cleveland State Bank’s president and CEO.

Xealth Raises $14M In Series A


New investors Atrium Health, Cleveland Clinic and MemorialCare Innovation Fund joined McKesson Ventures, Novartis, Philips, ResMed, Threshold Ventures (formerly DFJ Venture), Providence Ventures, UPMC and Froedtert and the Medical College of Wisconsin health network as participants in the round.

KeyCorp Shareholders Reject Splitting CEO, Chairman Roles

American Banker

Shareholders at KeyCorp in Cleveland soundly rejected a proposal to separate the chairman and chief executive roles. breaking_news dealmaking-strategy oh national-regional

Growing non-interest income with payment protection

CU Insight

Lending Joan Cleveland SWBC SWBC LenderHubIn the everyday hustle and bustle that occurs at your financial institution, it can be easy to wander off the path and lose focus.

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KeyCorp reports strong C&I lending, profit growth


Commercial and industrial lending rose 8% in the third quarter at the Cleveland bank, but other factors drove its double-digit gain in profits as overall loan growth was modest. Earnings Regional banks Commercial lending Investment banking Consumer banking Expense management M&A Beth Mooney KeyCorp

KeyCorp chief stresses long view after 4Q earnings drop


Merger- and tax-related charges took a bite out of fourth-quarter profits at the Cleveland company, but its CEO emphasized that a recent deal and tax reform are promising for growth. Earnings Regional banks Fee income M&A Tax reform KeyCorp Ohio

Credit Union lending about to take rise in the rustbelt?

CU Insight

In Ohio, the health care industry, led by the expansion-minded Cleveland Clinic, is transforming Cleveland’s economic landscape. Lending 2016 Cleveland Clinic economic landscape Flex CU Tech Future Business Index Michigan Ohio PENNSYLVANIA Preston Packer rustbelt