Marketplace Lending News Roundup – October 27

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.

FICO Plans Big Shift in Credit-Score Calculations, Potentially Boosting Millions of Borrowers from The Wall Street Journal – Changes are coming to the venerable FICO score. Soon there will be UltraFICO which will take into account transaction activity in bank accounts as well as activity in savings and money-market accounts.

Marcus Slows Lending Growth, Zelle vs Venmo, Freedom & Upgrade Deals from PeerIQ – In this week’s PeerIQ newsletter they share the latest industry news as well as a deep dive into the first securitizations from Freedom Plus and Upgrade.

John Mack, Old-School Financier, Coaches Fintech Wannabes from The Wall Street Journal – John Mack has been on the board of LendingClub since 2012 and has become very active in fintech since then. The WSJ has a short profile here of activities over the last decade.

HSBC U.S. Partners With Web-Based Avant to Offer Personal Loans from Bloomberg – Another large global bank is entering the already crowded US personal loan market. HSBC is partnering with the Amount platform by Avant to launch personal loans early next year.

Why Goldman Sachs’ Marriage Of Marcus And Investment Management Makes Sense from Forbes – Big news out of Goldman Sachs yesterday. They are moving Marcus under their $1.5 trillion investment management business to bring more options to more consumers.

PayPal Invests In Emerging Markets Lending App Tala from PYMNTS – Yesterday, emerging markets consumer lender Tala announced they have received a strategic investment from PayPal.

CRA credit for high-speed internet access? from American Banker – Most people are in agreement that CRA needs to be updated, here is a creative idea of one way to do that.

State regulators refile suit to block OCC’s fintech charter from American Banker – Surprising no one the Conference of State Bank Supervisors Thursday filed a complaint in the U.S. District Court for the District of Columbia against the OCC fintech charter.

U.S. Bank Jumping Into Digital Lending With New Platform from The Financial Brand – And another bank enters the fray. US Bank has built an end to end digital lending platform for small businesses from scratch.

Will Bay Area fintechs eat bankers’ lunches? from San Francisco Business Times – Really interesting piece by Mark Calvey on the leading Bay Area fintech companies and their somewhat complicated relationships with banks.

Banking needs a ‘Schumer box’ for data sharing from American Banker – Interesting idea put forward by the CEO of Quovo that we need a simple way of seeing what data is being shared when we consent to terms of service.

CFPB makes it official: Changes to payday rule coming in new year from American Banker – The CFPB is going to propose changes in January to the underwriting provisions of the agency’s rules for payday lenders as well as to when those rules take effect.

LendIt Interviews: Shivani Siroya of Tala on Radical Trust, financial inclusion, and the mobile revolution from LendIt – In the latest interview from LendIt we talk with the CEO of emerging markets lender Tala.

Legal action against peer-to-peer lender from The Times – UK property p2p lender, Lendy, is being threatened with legal action by one of its largest borrowers and has asked the FCA for help.

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.

FICO score inflation – An interesting discussion on FICO scores over time.

Prosper not in Missouri anymore? – One Prosper investor is trying to look into why investors in Missouri can no longer invest on Prosper.

Is LC no longer interested in retail investors? – Some forum members question whether LendingClub is still focused on the retail investor.

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