Post Tagged with: "CFPB"

Wells Fargo Just Kicked Innovation in the Chin

Wells Fargo Just Kicked Innovation in the Chin

by September 19, 2016 at 10:03 am 0 comments

It is always doubly upsetting to see vulgar business behavior from a seemingly platinum-plated brand. We have certainly been among those that have lauded Wells Fargo & Co. in the past, praising its lab and innovation practices, its mobile banking growth, had its executives speaking at our events, and even namedRead More

Yet Another Association for Marketplace Lending Launches

Yet Another Association for Marketplace Lending Launches

by May 6, 2016 at 10:50 am 3 comments

That’s what the industry needs: competing marketplace lending associations. Today, the three big names in marketplace lending (for now — more on that below) that were not in the just-launched Marketplace Lending Association have formed the Innovative Lending Platform Association. This is Funding Circle, Lending Club and Prosper Marketplace of the Marketplace LendingRead More

Half of Investors Allocate Capital to Marketplace Lending, Survey Shows

Half of Investors Allocate Capital to Marketplace Lending, Survey Shows

by April 11, 2016 at 6:14 pm 1 comment

Investors see a sunny future for marketplace lending, according to a survey released today by Richards Kibbe & Orbe LLP (RKO) and Wharton Fintech. The results of the survey, titled 2016 Survey of U.S. Marketplace Lending, show that half of investors surveyed have capital allocated for marketplace lending. The year prior, just 29% had investments in the space. TheRead More

Self-Regulation Said to Be a Goal for New Marketplace Group

Self-Regulation Said to Be a Goal for New Marketplace Group

by April 8, 2016 at 10:28 am 2 comments

Marketplace lenders are getting together — well, three of them, anyway. Marketplace lenders Funding Circle, Lending Club and Prosper announced Wednesday the formation of the Marketplace Lending Association, a nonprofit organization that will “promote responsible business practices and sound public policy to benefit borrowers and investors.” It’s a move likely influenced by theRead More

Is Online Lending Ignoring Big Data Risks?

Is Online Lending Ignoring Big Data Risks?

by March 28, 2016 at 10:41 am 0 comments

Elevate Credit Inc., which is pining to get to an IPO, today announced that it hired a new chief information officer. Joan Kuehl, who is the online lender’s first CIO, has extensive experience, having worked at Travelers and Bank of America — so it deserves notice when her first pronouncementsRead More

Can Apple Pay Beat PayPal?

Can Apple Pay Beat PayPal?

by March 24, 2016 at 1:09 pm 0 comments

Is the expansion of Apple Pay’s functionality to include website functionality enough to enable the tech company’s payments venture to top PayPal, the reigning king of mobile payments? Apple Pay will purportedly soon be available to shoppers using Safari browser on models of iPhones and iPads with Apple’s TouchID fingerprint technology. ThisRead More

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CFPB Begins Fielding Marketplace Lending Complaints

by March 7, 2016 at 6:01 pm 4 comments

Today, the Consumer Financial Protection Bureau began accepting complaints regarding online marketplace lending. While no official regulations have yet been placed on online marketplace lending or investors, many industry watchers suspect this move is a prelude to the introduction of formal regulation in the online marketplace lending sector. Complaints received byRead More

Dwolla Defends Security Practices in the Face of CFPB Fine

Dwolla Defends Security Practices in the Face of CFPB Fine

by March 2, 2016 at 6:40 pm 4 comments

Dwolla, the payments startup, said that it “has never been the company’s intent to mislead anyone,” after the Consumer Financial Protection Bureau slapped it with a fine for its data security. Dwolla offered the explanation after the CFPB hit it with the $100,000 fine. Dwolla is also required to fix its securityRead More

PayPal Hit with CFPB Fine for ‘Illegally’ Pushing Credit Products

PayPal Hit with CFPB Fine for ‘Illegally’ Pushing Credit Products

by May 19, 2015 at 12:10 pm 0 comments

PayPal will pay $25 million for allegedly signing customers up for its credit products without permission, $10 million to the Consumer Financial Protection Bureau (CFPB) and $15 million to consumers, the bureau announced today. PayPal is accused of deceptively advertising promotions it does not honor, and pushing customers into its credit products without properRead More

Loan Volume at Elevate, Alt-Subprime Startup, Hits $442 Million

Loan Volume at Elevate, Alt-Subprime Startup, Hits $442 Million

by February 10, 2015 at 12:30 pm 0 comments

Welcome to the newest innovation sector: alternative subprime lending. Fort Worth, Texas-based Elevate appears to be leading the charge in this new sector, announcing today that its total loan originations has hit $442 million. Elevate launched in 2014 and offers three products: RISE, a personal loan, Elastic, a paycheck advance, andRead More