Fintech is improving the financial services industry and providing new borrowing opportunities across the country; the current framework makes innovation challenging with differing requirements for online lenders in each of the 50 states; Nat Hoopes, the Marketplace Lending Association's director, writes in favor of the OCC fintech charter and the benefits it would provide for online lending, fintech and the industry overall. Source
Upstart Co-Founder Dave Girouard talks with Forbes about alternative credit data modeling and his firm Upstart; Girouard's inspiration for Upstart came from his experience at Google where he was involved in developing algorithmic models for evaluating candidates and their potential success as Google employees; a third of Upstart's management team comes from Google and the firm is now building advanced credit models that utilize machine learning and modern technology to make credit more accessible for borrowers; the firm is targeting loan originations of $1 billion in 2017; Upstart will be at LendIt USA 2017 and is announcing a new white label software as a service product called Powered by Upstart. Source
The market has currently slowed gains as speculators await more details on Trump administration policies; the Justice Department has taken its stance on the Consumer Financial Protection Bureau's appeals court hearing in May and it seems the next big announcement from the Trump administration regarding fintech is the appointment of the next comptroller; at LendIt USA 2017 Amias Gerety gave some insight on how the Trump administration views fintech and current themes in government fintech debates. Source
Amber Baldet was ranked 31 and is working with the JPMorgan team to develop blockchain solution Quorum; others in fintech include Vitalik Buterin the creator of ethereum, Brian Armstrong from Coinbase, and Ernie Garcia, Ryan Keeton and Ben Huston from Carvana. Source
Online lender Elevate has released customer progression milestones showing improved credit scores and rate eligibility; 55,000 customers on the platform have improved their credit scores and 20,000 customers can now receive a lower borrowing rate; Elevate's unique RISE credit product facilitates credit scoring improvement by educating customers on their personal financial credit and offering subsequent loans at reduced rates of up to 50% for qualified borrowers. Source
Join LendIt for a webinar about blockchain technology and how it can streamline operations for wealth managers and insurance back office operations; register here for the August 14 webinar at 2:00 PM EST; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source
The House Financial Service Committee (HSFC) is promoting small business investment and growth through six new bills; provisions include an expansion of venture capital fund investing, changes to the number of shares available for employees at privately-held companies and more responsive action by the Securities and Exchange Commission (SEC) in findings and recommendations by the SEC's Government-Business Forum on Small Business Capital Formation. Source
Leading cloud based loan and leasing software provider Cloud Lending Solutions launches a new product offering for banking clients, CL Portal™; the new product will allow a lender to integrate loan product workflows and document management for a seamless customized experience; Snehal Fulzele, CEO of Cloud Lending Solutions, explains: "Every day, more and more banks are asking for an integrated loan portal that allows them to configure a highly personal, customer-centric experience. CL Portal™ allows banks to build that interaction with an origination platform in months, rather than years." Source
Deutsche Bank's innovation lab adds to a number of recently opened innovation labs by other large banks in New York City; the Deutsche Bank innovation lab will be looking to identify new ideas, hire talent from fintech startups, and acquire or invest in fintech startup companies; the innovation lab is Deutsche Bank's fourth in the past 18 months with other labs located in Silicon Valley, London and Berlin; a main focus of the New York lab will be testing new technology for the capital markets with a focus on artificial intelligence, cloud computing and cybersecurity; new technologies implemented from the bank's other sites include enhanced credit risk analysis software, improved network risk management and new applications for retail bank clients. Source
Join LendIt for a webinar about blockchain technology and how it can streamline operations for wealth managers and insurance back office operations; register here for the August 14 webinar at 2:00 PM EST; presenters include Jayant Khadilkar, global head of analytics and technology at Tiger Risk, and Ryan Rugg, business development at R3. Source