Marketplace Lending News Roundup – March 21st, 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.

Who’s Better: Digital Banks Or Traditional Banks? by Forbes – In his weekly Forbes column Ron Shevlin looks at the strengths and weakness of traditional banks vs digital banks.

Consumers Face a Massive Credit Crunch. Lenders Are Still Figuring Out What to Do by The Wall Street Journal – Lenders and credit reporting agencies are in uncharted waters right now as millions of people are about to struggle to make their loan payments.

Coronavirus throws digital banking into the crucible by American Banker – With many people not wanting to visit banks and millions forced to shelter in place now is the time for the use of digital banking to skyrocket.

Comment Period Ends on Proposal to Update the Definition of an Accredited Investor. So Who Said What? by CrowdFund Insider – In non-coronavirus news CrowdFund Insider has an excellent rundown of the comments received from the SEC proposal to update the definition of an accredited investor.

Fintech App Says Coronavirus Has Caused 30% Drop In Hours Worked by Forbes – Companies like Earnin have real time insight into the state of American workers. It is not pretty right now with a 30% drop in hours for hourly employees.

BankThink Speed matters during a crisis. Here’s how tech can help. by American Banker – In this American Banker op-ed Dan Gorfine has some good ideas on how fintech can directly help and why in times like these a central bank digital currency would be very useful.

Covid-19 Crisis Response: Investors of European SME Lending Marketplace October Approve 3-month Freeze on Loan Capital Repayment by Crowdfund Insider – October (formerly Lendix), a French SME lender, has decided to free all repayments on its loans for three months.

Consumers seek early access to wages to soften coronavirus hit by American Banker – Penny Crosman profiles three companies (PayActiv, DailyPay and Branch) that offer earned wage access as they see increased demand from economically-stressed workers.

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