Marketplace Lending News Roundup – August 27, 2016

News

During the week I share the latest marketplace lending 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.

Weekly Industry Update: August 21, 2016 from PeerIQ – The weekly newsletter from PeerIQ takes a look at loan purchase agreements.

Greater Scrutiny Looms for ‘Rent-a-Charter’ Deals from The Wall Street Journal – Banks that partner with marketplace lending platforms will get more scrutiny from FDIC in new proposal.

Exclusive: VPC hires Liberum’s Cormac Leech from AltFi – The inimitable Cormac Leech is moving on from Liberum to become a principal at Victory Park Capital.

LendUp fights big banks with $47M for compassionate credit cards from TechCrunch – Congrats to Sasha Orloff and the LendUp team on another big fundraise and for taking on the banks.

It Should Be Obvious Now that Marketplace Lending Is Unsustainable from American Banker – I rarely agree with Todd Baker but I respect his well thought out opinions.

Goldman Signs $100 Million Credit Facility For Online Lender Fundation from The Wall Street Journal – The 2nd big deal of the week: Fundation raises $100M from Goldman Sachs.

China P2P lending regulations target hucksters and risk-takers from Financial Times – After much deliberation the Chinese government released new rules this week on p2p lending in China.

LendingClub Hires Wall Street Executives for Investor Office from Bloomberg – Some hiring news from Lending Club as they rebuild their investor team.

Is China’s Super-Bus a Scam? from Bloomberg – It’s kinda crazy but it looks like China’s super bus was another p2p lending scam.

Zopa posts £8.9m loss for 2015, up 45 per cent from previous year from AltFi – The UK’s largest marketplace lending platform Zopa just released their financials for 2015.

Wall Street Lobbyist to Head Online Lending Trade Group from Bloomberg – The founding members of the Marketplace Lending Association have chosen an Executive Director to lead them.

The alternative lender’s market from CNBC – The COO of SoFi goes on CNBC to talk about student loans and what makes her company different.

When Facts Get In the Way of a Good Story from LendingRobot – LendingRobot also responds to the negative Bloomberg article from a few days ago.

Lending Club Responds to Bloomberg Article: Scott Sanborn from Bloomberg – The CEO of Lending Club also responds to the critical article from Bloomberg.

China’s big P2P platforms shrug off crackdown from Reuters – The new regulations in China will be a good thing for the large platforms there.

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.

Should LC be allowed to modify loan conditions under extenuating circumstances? – Investors talk about whether platforms should extend loans when borrowers are struggling with payments.

Almost made it – The forum discusses loans where the borrower stops paying when they owe very little on the loan.

Tax Implications of heavy buying and selling on Folio – One investor asks about the tax implications when buying and selling on the secondary market.

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