Marketplace Lending News Roundup – August 11

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.

How this woman went from a Pizza Hut employee to a founder of a $4 billion startup from Business Insider – Fascinating piece in Business Insider on the early days of Credit Karma and the role co-founder Nichole Mustard played.

Debut of the OCC’s FinTech Charter + Supervisory Standards from PeerIQ – This week’s PeerIQ newsletter covers the latest industry news including the release of the US Treasury report from last week and does a deep dive on the new OCC fintech charter.

Facebook taps banks, but for chatbots not purchase data like Google from TechCrunch – Facebook and big banks are in the news today as the WSJ has claimed that Facebook asked banks for transaction data. According to TechCrunch that is not what happened.

China millennials’ love of credit cards raises debt fears from Financial Times – Consumer lending in China has risen steadily over the last several years as people there take on more debt in all categories.

SoFi Is Said to Report Second-Quarter Loss of $200 Million from Bloomberg – Meanwhile, Bloomberg shared this week that SoFi reported a $200m loss in Q2 on loan volume of “more than $3 billion”.

Regulators club together to form global ‘fintech sandbox’ from Financial Times – Despite the reluctance of some to embrace the regulatory sandbox concept it is gaining momentum around the world. Now, an alliance of regulatory authorities from 11 countries has been formed to take the concept global.

What’s missing from the OCC’s fintech charter from American Banker – Interesting perspective in American Banker on the OCC fintech charter and the challenges of comparing banks with fintech companies.

Zillow gets into the mortgage business, acquires Mortgage Lenders of America from TechCrunch – Most of us have used Zillow to research housing prices and we will soon be able to apply for a home loan from them. Yesterday, they announced they have acquired Mortgage Lenders of America.

Research: Marketplace Lending DOES Benefit Borrowers but Improving Credit Scores May Mean More Debt from Crowdfund Insider – Analysis of an interesting paper published by researchers at the Georgia Institute of Technology on the winners and losers in marketplace lending.

Even Financial raises $18.8 million Series A from GreatPoint Ventures, Goldman Sachs and others from TechCrunch – Congrats to Phill Rosen and the Even Financial team on their $18.8 million Series A announced yesterday.

States Spar with Trump Administration Over Fintech Oversight from The Wall Street Journal – In a widely expected move the states have fired back at the OCC on their fintech charter questioning the agency’s authority to override state banking laws.

Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors from Fortune – Matt Harris of Bain Capital Ventures takes us through the state of VC funding for the various fintech verticals.

Fintechs Worry Calif. Bill May Distort Small-Business Lending from Bloomberg – Here is another regulatory wrinkle for online lenders to consider, at least those in the small business lending space. California is considering a bill changing how lenders disclose the cost of their loans.

OnDeck Closes a $175 Million Asset-Backed Revolving Credit Facility from Crowdfund Insider – Small business lender OnDeck Capital closed a $175 credit facility from Liberty Mutual and Ares Management.

OCC’s fintech charter is a mistake from American Banker – I have been supportive of the OCC fintech charter from day one so I think it is only fair that I share the opposing view. Here is an op-ed by the head of the Conference of State Bank Supervisors arguing why it is a bad idea.

From the Lend Academy Forum

The Lend Academy forum is where investors go to discuss p2p lending. Below are some topics that were being discussed this week.

Earth to Lending Academy Forum, Over? – Forum members discuss LendingClub’s Q2 2018 earnings release.

Lending Club automatically closing accounts – A LendingClub investor shares an email they received about closing down an inactive account.

LC What’s working these days? – Investors reflect on their experiences as a LendingClub investor.

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