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African American-led fintech rides SBA's minority-lending wave

American Banker

Los Angeles-based Lendistry — in less than two years — became the largest Black-run 7(a) lender. Its CEO credits a concerted effort by the Small Business Administration to reach out to minority lenders and businesses, whose participation in the lending program is growing.

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Anti-Bias Lending Software Developer Zest AI Lands $15M

PYMNTS

Zest AI , which is developing software that it claims will help wring the bias out of lending, just got a multimillion-dollar vote of confidence. Zest contends that its fair lending software can significantly boost loan approvals while also reducing the level of risk. Zest on Tuesday (Oct.

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Sunbit focusing on short-term credit data to reach more borrowers

Bank Innovation

Sunbit, a point-of-sale lending company, is using recent credit file data to underwrite borrowers without FICO scores. Specializing in non-discretionary purchases like auto repair and medical expenses, Sunbit is trying to improve its loan terms by lending to more borrowers and creating more data points.

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Digital Bank Monzo Jumps Into Lending In The UK

PYMNTS

He added that jumping into more traditional lending “can get us a good way to profitability, if not even all the way.”. The eBank joins smaller rival Starling Bank on the lending front, becoming the second online bank in the U.K. The company is hopeful that its consumer lending division will lead to profits, according to the report.

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California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi

CFPB Monitor

On November 30, 2023 at 12:30 PM, ET, Ballard Spahr will hold a webinar entitled “Recent Important Developments in Federal Preemption for National and State Banks: What They Mean for Bank and Nonbank Consumer Financial Services Providers” during which this case will be dissected.

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Media Focused Fintech FastPay Picks Up AnchorOps in a Bolt-On Deal

Bank Innovation

Los Angeles based FastPay, a fintech that specializes in providing financing to media companies, has acquired AnchorOps, an electronic payment solutions provider for media buyers. Terms of the transaction were not disclosed.

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Bad Actors Emerge in PPP Lending – More Expected as Forgiveness Guidance Emerges

Abrigo

Ruth’s Chris Steakhouse, Shake Shack, and the Los Angeles Lakers made headlines last month when they, along with other public companies, received the small business loan. Stay up-to-date on the latest updates to PPP loans and guidance by visiting Abrigo's PPP Lending Resource page. Lending & Credit Risk. SBA Lending.

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