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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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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. Furthermore, the FAQ clarifies that the loans were not intended for companies with access to equity in the market. Manage PPP loans through forgiveness.

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Axos Bank Expands Commercial Presence In NYC, LA

PYMNTS

Axos Bank parent company Axos Financial has rolled out out commercial banking operations across new markets in the U.S., “The nation’s two largest metropolitan areas are home to a majority of our commercial lending and banking clients,” said Greg Garrabrants, president and CEO of Axos, in a statement.

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Online Car Buying Co Carvana Adds New Financing Option

PYMNTS

The ways people search for and purchase a vehicle continue to change,” said Tom Lazenby, auto lending manager for Regions Bank. and Carvana has next-day delivery in 146 markets. In August, the company opened a car vending machine in Los Angeles. “We There are car vending machines in 21 cities in the U.S.,

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Fintech Deals to Watch: Growing in the Digital World

Gonzobanker

Hot embers continue to glow in the fintech market that GonzoBanker mothership Cornerstone Advisors serves. Some perspective on how fast this fintech market is moving: Fintech Labs tracks 269 $1B+ valued fintech unicorns that have been founded in just the past two decades. According to CB Insights, US fintechs raised $14.6B

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Is Your Financial Institution Aware of These PPP Red Flags?

Abrigo

Fraudulent (or lack of) supporting documents Supporting documents are a critical part of both the application phase and forgiveness phase of PPP lending. Ruth’s Chris Steakhouse, Shake Shack, and the Los Angeles Lakers made headlines when they, along with other public companies, received PPP loans. Lending & Credit Risk.

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Comptroller Sanctions Wells Fargo Over Cross-Selling Techniques

PYMNTS

bank by market value — is about to find itself on the business end of a legal enforcement action care of the Office of the Comptroller of Currency. Last May, Los Angeles City filed suit against the bank for allegedly pressuring employees to commit blatant frauds like opening accounts for non-existent people.