Goldman Tightens Marcus Lending Reins

PYMNTS

Goldman Sachs might be reining in its online lending platform due to concerns about the stage of the credit cycle and changes in market data. According to the sources, the change in 2019 plans is due to current market conditions for consumer lending and could change.

The Changing Face Of Short-Term Lending

PYMNTS

About a year ago, the CFPB, which now goes by the BCFP, dropped the final version of its payday lending regulations. Within two months, Mulvaney announced (in January of 2018) that the CFPB wanted to revisit the payday lending regulations with an eye toward their revision.

B2B Payments Firm PayMate Enters SMB Lending Market

PYMNTS

India-based PayMate is expanding its offering beyond B2B payment services as it steps into the small business (SMB) lending market. The company also recently acquired online peer-to-peer (P2P) lending platform Z2P Technologies for an undisclosed sum.

Lending 360 Upgrades Southwest Airlines FCU’s Lending Experience to First Class

CU Direct

The $555 million Southwest Airlines FCU kept this in mind as it prepared to launch the Lending 360 loan origination system (LOS) two years ago. To minimize that fear, the Dallas-based credit union had its lending staff.

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LOS Automation Allows Kings Federal Credit Union to Lend Large

CU Direct

is using CU Direct’s Lending 360 loan origination system (LOS). Read more » The post LOS Automation Allows Kings Federal Credit Union to Lend Large appeared first on CU Direct Blog.

OnDeck Launches ODX To Help Banks Lend To SMBs Online

PYMNTS

OnDeck Capital has created a unit that will provide technology and services for banks lending to small businesses over the internet. Reuters , citing the company, reported the new company will be called ODX and will expand its business, in which it provides lending software to banks.

Is Lending Club Back?

Bank Innovation

Better originations, better sales, more revenue: wow, did Lending Club just report a positive quarter? Corporate Exclusive Lending Online Startups earnings Lending Club marketplace lending OnDeck online lending

US Bank Designs Online SMB Lending Platform

PYMNTS

Bank has debuted its online lending portal for small business borrowers, the financial institution announced on Tuesday (Sept. Bank, which revealed its online lending platform for small businesses to access a loan or line of credit. ” B2B Payments B2B business lending Digital Banking News online loans Small business lending Small Business Loans SMB lending SMB loans U.S.

Pew Pushes Installment Loans, Better Regulated, As Payday Lending’s Best Replacement

PYMNTS

Short-term lending – specifically, payday loans – have attracted a lot of attention in recent years, from the media and from the regulators. A little more than a year ago, the CFPB (now also known as the BCFP) dropped its final version of its new payday lending regulations – though, as it turns out, “ final ” was probably not the right word to describe them. According to Pew, installment loans have much to recommend them as an alternative to payday lending.

Goldman Reins In Marcus Lending Platform

PYMNTS

Goldman Sachs might be reining in its online lending platform due to concerns about the stage of the credit cycle and changes in market data. According to the sources, the change in 2019 plans is due to current market conditions for consumer lending and could change.

Avant Brings SaaS Lending Tech To Banks

PYMNTS

We’re also a pure-play technology company, designed to support banks [that] want to offer lending products, but … either can’t or won’t dedicate hundreds of millions to building the capacity,” he said. For banks, including relatively large banks, Goldstein noted, entering into personal lending markets is daunting, even if it is appealing from a variety of standpoints.

For UWCU, Excellence in Indirect Lending Resulted in Significant Growth

CU Direct

Indirect lending provides credit unions with the unique ability to offer a convenient method of financing to members, while also having the opportunity to grow their member base.

Is Tribal Lending Done?

PYMNTS

The Kansas businessman – facing a 2017 conviction for violating federal truth in lending and racketeering laws in connection with his online lending business – attempted to apologize for the $3.5 But more than a tutorial in how not to apologize pre-sentencing, some say that Tucker’s conviction and long sentence may be the beginning of the end of tribal short-term lending in the United States. Tribal Lending .

Goldman Sachs, Backed By Marcus Lending, Books 4 Pct. Revenue Gain For Q3

PYMNTS

Goldman Sachs booked a 4 percent year-over-year revenue increase for the third quarter of 2018, with that growth powered in part by increased lending through its Marcus by Goldman Sachs online consumer savings and lending platform.

How Digital Disbursements Tools Are Changing Low-Dollar Lending

PYMNTS

This technology is also changing how consumers lend and borrow money, according to Travis Holoway, founder of short-term lending exchange platform SoLo Funds , particularly when it comes to low-dollar or short-term loans. What we’re trying to do is bring that technology to lending.”.

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Member Business Lending is Much More Than That

CU Direct

As existing small businesses continue searching for ways to grow and prosper, Read more » The post Member Business Lending is Much More Than That appeared first on CU Direct Blog. business lending Lending business loans financial services small businesses

A Decade On, Lending Transformed By Crisis And Innovation

PYMNTS

And in lending, with the financial crisis in the rearview mirror, a decade on, invention – okay, innovation – has become a hallmark, at least in some corners. But a standstill in the credit markets created a vacuum for a bit, at least along traditional lending conduits. The door is open, then, and has been, for FinTech in lending, where inroads have been made in, say, mortgages (like Lending Tree and Rocket Mortgage, for example). Necessity is the mother of invention.

Banks Keep SMB Lending Gains Rolling

PYMNTS

In its monthly Small Business Lending Index, released Tuesday (Sept. When you combine a strong economy, healthy retail demand and the willingness of small business owners to reinvest their savings from tax cuts, it creates a positive atmosphere for small business lending ,” said Rohit Arora, Biz2Credit CEO, in a statement. B2B Payments alternative finance B2B bank lending big banks Biz2Credit community banks News small business finance Small business lending What's Hot In B2B

One Credit Union’s Approach to Excellence in Auto Lending

CU Direct

Auto lending is the backbone of credit unions’ loan portfolios. Credit unions continue to not only compete in the auto lending arena, but to outperform much of the marketplace, improving their market presence, and capturing more loans.

The Regulatory Future Of Payday Lending

PYMNTS

Payday and short-term lending is a contentious topic in the United States, particularly when it comes to its regulation. Ohio’s House Bill 123 officially exists to close a series of loopholes that existed under the state’s previous attempt at regulating the short-term lending industry, the 2008 Short-Term Loan Act. Particularly under scrutiny, according to reports, is international travel taken with payday lending lobbyists.

China’s blood on the carpet in P2P lending

Chris Skinner

The reason I raise it is that I … The post China’s blood on the carpet in P2P lending appeared first on Chris Skinner's blog.

Credit Union Auto Lending Revs-Up

CU Direct

Credit unions have been gaining auto lending market share for a few years, and 2017 not only continued this trend but proved to be an especially good year. Read more » The post Credit Union Auto Lending Revs-Up appeared first on CU Direct Blog.

Rep. Cleaver Releases Initial Findings In Alt-Lending Probe

PYMNTS

Representative Emanuel Cleaver II (D-MO) has published the initial findings of a probe into the alternative small business lending market in an effort to explore borrower protections, fairness and the possible need for greater regulatory oversight. B2B Payments alternative finance alternative lending B2B Emanuel Cleaver finance regulation fintech regulation Loan Discrmination loan regulation News Small business lending What's Hot In B2B

Lending Club’s Terrible Twos

PYMNTS

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. Laplanche is Renaud Laplanche, Lending Club’s colorful and highly quotable founder and first CEO, and he had that effect on a lot of people during the eight years between Lending Club’s IPO in 2014 and its beginnings.

Why P2P lending works in some markets and not in others

Chris Skinner

One article typified this feeling: High-society fintech under pressure … The post Why P2P lending works in some markets and not in others appeared first on Chris Skinner's blog. Someone asked me about getting return on investment in fintech.

Affinity Plus CUs Approach to Innovation in Lending

CU Direct

Lending is top priority for credit unions who wish to thrive in today’s market, and to do so, innovative practices are key. Read more » The post Affinity Plus CUs Approach to Innovation in Lending appeared first on CU Direct Blog.

China Locks Down Financial District As P2P Lending Implodes

PYMNTS

China has ordered a lockdown of Beijing’s financial district Monday (August 6) to prevent individuals from protesting a crisis in the peer-to-peer (P2P) lending marketplace. Leading up to the police action, investors have been withdrawing funds from P2P lending platforms amid a wave of defaults across the industry in China. That, in turn, has caused some P2P lending platforms to collapse.

Laurel Road Scores Country Bank for Digital Lending

Bank Innovation

have recently added digital mortgage lending, and that same […]. Commerce Corporate Exclusive Lending Online Premium Retail Sales & Marketing Country Bank Lauren Road lending online banking SME lending underwriting technology

SunTrust CIO Talks Zelle, Lending, and Innovation

Bank Innovation

In practice, that means focusing more on the bank’s mobile offerings, growing LightStream (the bank’s online lending platform), and building out its tech.Read More.

U.K. Watchdog Proposes New Regulations On Lending Platforms

PYMNTS

watchdog in charge of investor oversight proposed tough new regulations regarding peer-to-peer (P2P) lending platforms, in a bid to help consumers wade through the new landscape, according to a report by Reuters. The Financial Conduct Authority is looking to tighten up oversight over crowdfunding platforms, which provide short-term lending for small businesses and consumers, in part to make sure customers have clear information about the rules, terms and conditions. . The U.K.

Personal Loans Are The Fastest-Growing Lending Category

PYMNTS

As a consumer lending category with the fastest growth, outstanding balances for personal loans jumped by about 18 percent to $120 billion in the first quarter. A lot of credit goes to the FinTech lenders for reinvigorating a loan category that’s been around forever,” Jason Laky, TransUnion ’s consumer-lending business lead, told Bloomberg. “If The news comes as Goldman Sachs has boosted its presence in the consumer lending market.

QuickBridge Shifts SME Lending Strategy

PYMNTS

15) that the company is now called QuickBridge and is expanding into the direct-to-business lending sector. ” In another statement, QuickBridge Vice President Jason Oslecki pointed to the company’s ability to better service SMEs by directly lending to borrowers. ” QuickBridge’s revamp comes at a time in the alternative lending space when players are looking to self-regulate ahead of possible action by lawmakers.

Kabbage Set to Acquire Lending Data Startup Orchard Platform Markets

Bank Innovation

Small business banking company Kabbage is set to acquire startup Orchard Platform Markets, a provider of lending data and services, it was reported yesterday. Capital Exclusive Lending Startups acquisitions capital Kabbage lending marketplace lending Orchard Platform Markets startups

Traditional Lenders Strengthened September SMB Lending Activity

PYMNTS

Just days after the Federal Reserve released a report highlighting the changing role of small business loans at community banks, the latest Biz2Credit Small Business Lending Index published, suggesting small and medium-sized business (SMB) lending at small banks remains strong. The Federal Reserve found in its “Community Banking in the 21st Century” report, released last week, that small business lending at community banks actually decreased by 2.2

Amazon Reveals Interest In Bringing SMB Lending To China

PYMNTS

As Amazon presses further into China to compete with rivals like Alibaba , a job posting on the Amazon website may have just revealed plans for the eCommerce conglomerate to extend its small business lending program into the country. Reports in CNBC this week said Amazon posted a new position for manager of its small business lending program, and the job opening is based in China. Amazon first began lending to small businesses in 2015, beginning with the U.S.,

It’s About The Members, Remember? (Payday Lending)

Credit Union Geek

Update 8/31/18: A reader graciously made me aware of an NCUA program empowering credit unions to provide payday lending alternatives. Payday Lending) appeared first on Credit Union Geek. I don't think that's a little fella." - Marlin - Finding Nemo cfpb high interest lobbying membership mission payday lending standing up for the little guyIt is used by a bit over 500 credit unions and discussion is invited from institutions on how to evolve it in the future.

Are Big Changes Coming To The Military Lending Act?

PYMNTS

Changes may soon be coming to the Military Lending Act (MLA), a piece of legislation designed to prevent military service members from getting swept up in deceptive or unfair lending practices. The product causing concern on the auto lending side of things is gap insurance. It seems there is some concern that who and how military members receive lending could also be making a major turn – and not necessarily for the better. New Lending Rules .

China Fiscal Policy At Odds With SMB Lending

PYMNTS

29) that the government’s efforts to spur small business lending by pumping money into the financial services market has yielded only modest success. The publication pointed to the government’s conflicting policy of stricter lending rules as one reason why efforts to boost small business loan volumes hasn’t taken off. Last week, the nation’s State Council again called on China’s financial services community to increase small business lending.

Alternative Lending Is in Trouble? No One Told Elevate

Bank Innovation

It’s been a brutal year for the alternative lending industry. Scandals, staff cuts, rate hikes, and recently a Lending Club investment posted its first negative return in five years this August.

Amazon Taps BoA To Reduce Merchant Lending Risk

PYMNTS

Amazon is partnering with Bank of America Merrill Lynch to expand its lending program for small businesses. Amazon Lending is an invitation-only program that offers loans of $1,000 to $750,000, with terms of up to a year, for companies that might have issues getting traditional business loans. A source said that the slowdown was intentional, as the company tries to get a handle on the credit risks that come with operating a large-scale lending practice.

Lending Club’s Tough Fall

PYMNTS

Lending Club has had a tough year. In early May, news broke that Lending Club had played fast and loose with its documents and disclosures, including the fact that then-CEO Renaud Laplanche had failed to disclose a personal stake in a firm Lending Club had an investment relationship with. As a point of comparison, Lending Club’s IPO stock price in 2014 was $24.69; a year ago, it was trading at around $14.37. Lending Club will charge a weighted average of 0.26

Upgrade Is Upgrading The FinTech Lending Experience

PYMNTS

When Renaud Laplanche launched hist latest lending start up, Upgrade, the venture was both quite similar to and yet quite different from his previous endeavor, LendingClub , the platform that made “marketplace lending” a household phrase in the U.S. Loans credit score investing LendingClub marketplace lending News personal loans Renaud Laplanche startups upgrade What's Hot

Capital Float Pursues Alt-Lending Collaboration

PYMNTS

By co-lending with Tata Capital, we can leverage their balance sheet, while they can diversify their portfolio by lending to newer sets of SMEs.”. B2B Payments alternative lending B2B capital float india News SMB lending supply chain finance Tata Capital What's Hot In B2BTwo Indian alternative lenders are partnering up to target the nation’s small- and medium-sized businesses (SMBs). Reports in The Economic Times on Thursday (Oct.