Small and medium-sized enterprises (SMEs), firms with fewer than 500 employees, are the backbone of U.S. economy. They make up 99 percent of all firms, employ over 50 percent of private sector employees and generate 65 percent of net new private sector jobs. Any financial institution looking to service this segment is looking at a Trillion dollar market. But brick and mortar banks have been traditionally hesitant to lend due to inability to analyze SMEs credit worthiness and the high cost of customer acquisition and servicing. Read full article…
This afternoon Ron Suber, President of Prosper Marketplace, spoke to a captive crowd of over 750 at LEND360 in Chicago, IL. Read full press release.
by Brian Knight in American Banker
The Office of the Comptroller of the Currency is considering allowing financial technology (or fintech) firms to become special purpose banks. This new status would allow them to largely avoid the state-by-state regulation that currently applies to them, but not to their bank competitors. Unsurprisingly, this prospect is not popular with state regulators, as reported in a recent American Banker story. They argue that such a move would weaken consumer protection and increase risk. Read full article.
ARLINGTON, VA (September 1, 2016)— Rep. Tony Cárdenas (D-CA), a member of the House Committee on Energy and Commerce and supporter of the Fintech industry, will speak Friday, October 7 at LEND360. Rep. Cárdenas will explore the future of Fintech and the bipartisan resolution he recently introduced to encourage U.S. adoption of Fintech as a tool to boost consumer and economic growth. Read Full Press Release.
LEND360 announces its distinguished lineup of keynote speakers for the 3rd annual LEND360 conference, the only conference connecting every angle of the online lending industry, to be held October 5-7, 2016. From consumer, small business and marketplace lenders to service providers, including credit bureaus, payment processors and advertising/marketing companies, the entire ecosystem of the online lending spectrum is represented at LEND360.
This article features LEND360 keynote speaker Ron Suber.
This paper discusses the Agencies’ guidance to issuing banks on the application of the Customer Identinfication
The purpose of this regulation is to impose limitations on the costs and terms of certain defined extensions of conumer credit to service members and their dependents and to provide additional consumer disclosures for such transactions.