Marketplace Lending News Roundup – December 21, 2019

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.

Venmo Glitch Opens Window on War Between Banks, Fintech Firms by The Wall Street Journal – This disagreement between Plaid and PNC Bank over Venmo access due to so-called security concerns is something to keep an eye on.

Squashing the Market with Bill Ullman from Apple Podcasts – I thoroughly enjoyed sitting down with Bill Ullman in New York recently to record this latest edition of his podcast, talking fintech trends and more.

The Winners And Losers In Fintech In 2019 by Forbes – In his Forbes column Ryan Shevlin shares who he believes were the winners and losers in fintech in 2019. A couple of surprises on this list.

‘Out of the shadows’: Use of alternative data in lending gains ground by American Banker – One the big themes for the next decade will be the widespread use of alternative data by all lenders. It has been given a boost recently by regulators cautious encouragement of its use.

SEC Proposes Giving More Investors Access to Private Markets by The Wall Street Journal – Finally the SEC is starting to make some movements in overhauling the definition of an accredited investor.

Green Dot CEO, a prepaid card pioneer, to step down Dec. 31 by American Banker – Steve Streit founded one of the early fintech pioneers Green Dot Bank and after 20 years he has decided to call it a day.

The New Payday Lender Looks a Lot Like the Old Payday Lender by The Atlantic – I think the author in this article has some misguided opinions around earned wage access (it is not payday lending) but this is clearly an argument that is not going away. So the industry will need to address these objections.

The Real Story Behind The PNC-Venmo Clash by Forbes – The PNC/Plaid/Venmo disagreement is not really about data security at all, it is about a big bank supporting Zelle over Venmo.

State of Credit 2019: Rounding Out the Decade by Experian – The annual state of credit report from Experian has some really interesting nuggets of information on credit trends with the American consumer.

OCC files appeal in fintech charter case by American Banker – No surprise here but the saga of the OCC Fintech Charter is far from over. The OCC is appealing the decision that they do not have authority to create such a charter.

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