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's Mester on TBTF, Fintech and Interest Rates

American Banker

In a wide-ranging interview with American Banker, Cleveland Fed President Loretta Mester talks about what should be kept in the push to deregulate banking regulation, as well as her view on reforming the Fed, ending "too big to fail," the future of Basel and the effect of a Trump administration on financial services. doddfrank sifi-tbtf fed law-regulation

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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: Two-Thirds Of SMBs Say They Are Dissatisfied With Online Lenders

PYMNTS

On that score, online lenders have been successful, according to a just-released study from the Cleveland Federal Reserve. That, according to the Cleveland Fed, is the good news.

Why Two-Thirds Of SMBs Find Themselves Dissatisfied With Online Lenders

PYMNTS

On that score, online lenders have been successful, according to a just-released study from the Cleveland Federal Reserve. That, according to the Cleveland Fed, is the good news.

New Study Suggests Online Lenders Target Vulnerable Consumers

PYMNTS

The Federal Reserve Bank of Cleveland issued new research on the online lending market showing that borrowers end up in more debt than consumers who don’t utilize this method of borrowing. According to a news report in American Banker covering the study published last week, the Cleveland Fed said it found consumers who take out loans via the internet, either from a peer-to-peer lender or via a marketplace, likely could have utilized a traditional bank.

Online Catering Platforms Help Restaurants Reach Offices

PYMNTS

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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Former KeyCorp CEO Henry Meyer dies at 70

American Banker

Meyer was credited with guiding the Cleveland company through the financial crisis and returning it to profitability. He died this week at his home in Florida. Beth Mooney M&A KeyCorp Consumer banking Commercial banking

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

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.

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

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.

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

Merger Expenses Weigh on KeyCorp's Earnings

American Banker

KeyCorp in Cleveland reported lower quarterly profit as expenses tied to its pending purchase of First Niagara Financial Group cut into its earnings. breaking_news performance national-regional

GOP Lawmakers Blindsided by Trump's Embrace of Glass-Steagall

American Banker

While surprised and alarmed by Donald Trump's decision to add the reinstatement of the 1930s-era banking law to the GOP platform, Republican lawmakers at the convention in Cleveland maintained that Trump is a better choice for the economy and the financial system.

P2P player wants to mimic cash's anonymity

Payments Source

A Cleveland startup’s play in the crowded and noisy P2P market is to nudge the transaction as close to digital version of paper money as possible — without Venmo’s social tools or Zelle’s email model. P-to-P payments Digital payments Personally identifiable information Customer data Data security Data privacy

KeyCorp Picks Buffalo as Regional Headquarters

American Banker

KeyCorp in Cleveland will open a regional headquarters in western New York as part of its acquisition of First Niagara Financial Group. dealmaking-strategy strategic-alternatives breaking_news national-regional

TFS Financial's Profit Jumps on Declining Loss Provision, Expenses

American Banker

TFS Financial in Cleveland posted a double-digit profit increase in the quarter that ended June 30 thanks to a combination of improved credit quality and lower expenses. earnings-community-banks performance oh breaking_news community-banking

Merger Expenses Weigh on KeyCorp's Earnings

American Banker

KeyCorp in Cleveland posted lower quarterly profit as merger-related expenses cut into the bottom line. breaking_news dealmaking-strategy performance earnings-national-regional-banks oh m-a consolidation national-regional

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

PYMNTS

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.

Third Federal in Ohio to Offer First Mortgages in Five More States

American Banker

Third Federal Savings and Loan in Cleveland has long offered mortgage refinancing in New Jersey, Pennsylvania, Maryland, Virginia and North Carolina. Now it plans to offer purchase loans in those states. breaking_news mortgage housing consumer-finance

KeyCorp, First Niagara Shareholders Approve Merger

American Banker

Shareholders of KeyCorp in Cleveland and First Niagara Financial Group in Buffalo, N.Y., have approved Key’s planned purchase of First Niagara. breaking_news dealmaking-strategy oh ny national-regional

Amid Contentious M&A Deal, KeyCorp Pledges $16.5B of Lending

American Banker

KeyBank, a $93 billion-asset bank headquartered in Cleveland, announced plans Friday to direct $16.5 billion in lending toward low- and moderate-income communities over five years beginning in 2017. breaking_news dealmaking-strategy mortgage oh ny national-regional

KeyCorp Names Executive to Lead First Niagara Integration

American Banker

The Cleveland company appointed Christopher Gorman as merger integration executive, according to a news release. Gorman previously was president of KeyCorp's corporate bank. breaking_news national-regional people m-a oh ny dealmaking-strategy

KeyCorp to Refund Up to $22M to Ex-First Niagara Customers

American Banker

KeyCorp in Cleveland has agreed to refund up to $22 million to consumers who were incorrectly charged overdraft and bounced-check fees while customers of First Niagara Bank in Buffalo, N.Y. breaking_news dealmaking-strategy consumer-finance law-regulation national-regional

How Glass-Steagall Crashed the 2016 Conventions

American Banker

Following is a look at how a Depression-era law found its way to Cleveland and Philadelphia.

KeyCorp to Retain Risk, Lending Execs from First Niagara

American Banker

KeyCorp in Cleveland will retain two top First Niagara Financial Group executives after it closes its acquisition of the Buffalo, N.Y., company. breaking_news national-regional m-a oh ny dealmaking-strategy

Upscale restaurant chain hit by POS breach: Krebs

Payments Source

Cleveland-based Select Restaurants Inc., a national chain of upscale restaurants and bars, has experienced a breach exposing customers’ payment card data through point of sale technology, according to data security expert Brian Krebs. Data security Point-of-sale

A Month After IPO, Here Are Beyond Meat’s Biggest — And Happiest — Investors

CB Insights

Cleveland Avenue, which has a 5.4% Cleveland Ave. Finally, Cleveland Avenue was the latest featured investor to back the company, joining DNS to participate in Beyond Meat’s 2017 Series G and 2018 Series H.

SMBs Struggle To Cope With New Trade Tariffs

PYMNTS

Tom Lix, founder of Cleveland Whiskey in Cleveland, Ohio, added that he has not filled four positions that he planned to because of the tariffs. “We Small businesses have sent out a warning to the Trump administration over new tariffs being levied on Chinese goods.

Blockchain’s Inroads Through National Frameworks And Trade Finance

PYMNTS

As reported this past week in the Cleveland Scene , one of Cleveland’s largest blockchain firms, Votem , shuttered doors abruptly amid a lack of funding.

Postmates To Deliver Free New Year’s ‘Hangover Remedy Kits’

PYMNTS

The branded trucks will be between Kenmare and Spring streets at Cleveland Place in Manhattan’s Soho neighborhood.

Google Pay Now Supports Cards From 13 More US States

PYMNTS

The banks included the Arundel Federal Savings Bank, the Greater Cleveland Community Credit Union, the Greenleaf Wayside Bank, the Lakestone Bank & Trust, the Peoples Bank of Kankakee County and the Sanford Institution for Savings.

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Women in Banking: Activists Target Banks' Pay; Talking Fintech

American Banker

Fed governor Lael Brainard encourages fintechs to tackle financial access and Cleveland Fed president Loretta Mester talks about the industry's past and future. The gender equality police — namely, the activists Arjuna, Pax, and Trillium, which targeted Silicon Valley earlier this year — is making moves on Wall Street now, starting with Citigroup, Bank of America and Goldman Sachs.

Payroll Fraud Could Cost KeyCorp $90M

PYMNTS

In a K-8 filing, KeyCorp, which is based in Cleveland, said the fraud involved a “business customer” and that it was discovered “on or about” July 9.

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Monday morning potpourri

New York's State of Mind

How bad was Cleveland Quarterback Johnny Manziell in his first game as a starting quarterback? My brother summed it up well: He was so bad me made Geno Smith of the Jets look like a good quarterback. … The Supreme Court on Friday decided to take two nuts-and- bolts bankruptcy cases that could have […]. Compliance Legal Watch bankruptcy