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DOJ announces major new initiative targeting redlining; DOJ/CFPB/OCC settle redlining lawsuit against Mississippi-based national bank

CFPB Monitor

The Biden Administration’s prioritization of fair lending as a law enforcement focus took center stage last week with the announcement that the U.S. Attorneys’ Offices “as force multipliers to ensure that fair lending enforcement is informed by local expertise on housing markets and the credit needs of local communities of color.”.

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Widening Borrower Protection’s Scope To SMBs

PYMNTS

As online lending platforms proliferate among the SMB borrowing community, however, experts warn that a lack of regulation means these companies rarely publicly reveal interest rates and fees. “We have seen small businesses destroyed by online lending.” “We have seen small businesses destroyed by online lending.”

Lending 136
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VCs Back Autobooks For SMB Banking

PYMNTS

Banks and credit unions are looking for differentiated product offerings that not only deliver value for their members, but create new revenue streams and lending opportunities.”. We are really pleased to have such a strong group of local and national investors, including VC funds and a strategic partner,” Robert said.

Detroit 122
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Growth Loops – The New Way To Grow Bank Product Sales

South State Correspondent

Instead of thinking about how you can grow customers, the commercial lending team often thinks about increasing loans. This problem is often magnified when marketing gets involved as marketing then goes off and creates a strategy based on the bias and limitations of what the product people told them.

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Consumers' Preference For Online Car Sales And Auto Loans Shakes Up Banks And Dealers

PYMNTS

The National Auto Dealers Association (NADA) recently reported that during the first three quarters of 2020, three out of every four vehicles sold were light trucks – a trend that has pushed truck prices to new highs. More consumers have sought to buy cars as a result of urban flight or to avoid public transportation.

Online 214
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B2B Startups Welcome Another Unicorn With TripActions Funding

PYMNTS

Its tool, Agile Insights, can be used for a range of use cases, the firm explained, including demand-planning for eCommerce companies or marketing strategies for consumer product firms. Both based in Singapore, SESAMi , the nation’s largest eProcurement platform, and Capital Match , an invoice financing solution, agreed to merge.

Software 158
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Five Things Banks Can Never Outsource

Gonzobanker

Commercial lending/banking training progression – We see too many banks that over-rely on a “steal the talent” approach to commercial and business lending expertise (that’s essentially outsourcing). First, despite the development of big bank lending talent that happened in the last 20 years, the pool is starting to dry up.