Marketplace Lending News Roundup – April 25th, 2020

News

During the week I share the latest marketplace lending and fintech news on Twitter as it happens. Then every Saturday I take the most interesting news items and blog posts from the past week and share them here.

Paycheck Protection Program Loans—The Good, The Bad, And The Ugly by Forbes – Hats off to Brock Blake and the Lendio team. To process 70,000+ PPP Loans worth $5.8b in two weeks is staggering. Here he is in Forbes sharing the good, the bad and the ugly of the PPP program.

Bankshot Relief efforts favor households, businesses with deep ties to banks by American Banker – This has been one of the biggest criticisms of the PPP Loan program. Those small businesses who were not lucky enough to have a good banking relationship (with an SBA-approved bank) were left scrambling.

Consumer Lenders Enter Fog of Uncertainty by The Wall Street Journal – Some of the major banks don’t think this crisis will be as bad for consumers as 2008-09.

An Oklahoma bank CEO who responded to a tweet from Mark Cuban used his advice to get cash into customers’ hands in less than a week by Business Insider – Some positive innovations are coming out of this crisis. Look at what Jill Castilla of Citizens Edmond cooked up with an assist from Mark Cuban. From idea to implementation in 24 hours.

Monzo has filed an application for a US banking license by Business Insider – The latest company to seek a banking license with the OCC is actually the leading UK digital bank Monzo. They launched here less than a year ago.

How a family-owned Nebraska bank became a leader on coronavirus loans by The Washington Post – Smaller banks have really taken the lead on helping small businesses actually get PPP Loans. The 202nd largest bank in the country certainly punched above their weight.

What to expect as the PPP loan window re-opens by San Francisco Business Times – Round 2 of the PPP is going to go awfully fast. Wells Fargo has $50b in loans ready to go from 450,000 clients, BofA has a similar number and Chase has tens of thousands of loan applications ready to go.

Customer Group Presses Fintech Firm Yieldstreet for Missing Investor Payments by The Wall Street Journal – I have been an investor in Yieldstreet for several years now and have been quite happy with the experience. But lately they have had some challenges. I am invested in two of the offerings that are mentioned in this WSJ article.

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