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New York State Regulations for Online Lenders to ‘Level Playing Field’ for Banks

Bank Innovation

Online lenders may own more than half of the personal lending market, but they face serious headwinds. For one thing, rising interest rates will increase their cost of funds, and perhaps make their offerings less attractive, and for another, regulations may arrive that make operating their businesses more expensive.

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Uber Eats Will Now Deliver Recess, A CBD Drink, In New York

PYMNTS

Recess, a CBD-infused sparkling water company, has announced that it will be available on Uber Eats for delivery to customers in New York City, according to a report by Adweek. Eventually, the company plans to expand to other markets, including L.A. “We Recess has some company on the Uber Eats app when it comes to drinks.

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Luxury Brand Barneys New York Seeks Bankruptcy Protection

PYMNTS

Struggling to compete with online brands, famed Big Apple luxury retailer Barneys New York has put itself up for sale and filed for bankruptcy protection, according to a report by Reuters. . However, the company hasn’t been immune from the same market conditions that sent Sears and Kmart into bankruptcy.

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New York Venture Bank Seeks National Bank Charter

PYMNTS

New York Venture Bank, a new financial institution (FI) created by big names in the financial services industry, has applied for a national bank charter. FDIC), the news report noted the new bank will begin with $100 million in capital. There will also be deposit products and online banking, among other offerings.

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Odds Are That Online Sportsbook Wins Big Post-COVID

PYMNTS

Online sportsbooks have been beneficiaries of that dictum ever since COVID-19 eradicated most live sports, leaving millions of fans and a great many bettors potentially mired in boredom. DraftKings signed a multiyear deal in 2019 to be an authorized NBA betting operator. How much potential does online gambling have?

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Fintech’s Power Grab — in The New York Times

Bank Innovation

The New York Times covered the subject — and the word — in depth yesterday, in a special section called “Fintech’s Power Grab.” Ok, it’s safe to say fintech has hit the big time. ” The lead item, by Andrew Ross Sorkin of CNBC fame, focuses on the fintech challenge to Read More.

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NY Dept Financial Services: Online Lenders Need Oversight

PYMNTS

New York’s Department of Financial Services is recommending that online lenders are subjected to the same scrutiny and regulations that traditional banks face. Cuomo on June 1, 2017, required DFS to study online lending in New York State and submit a report of its findings. Superintendent Maria T.

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