November 18 – Sageworks, a financial information and analytics company that provides lending, credit risk and portfolio risk solutions, recently debuted an online platform for small business lending.
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November 16 – Juniper Research has found that Fintech platform revenues to support lending and financing are set to reach $10.5 billion globally by 2020, doubling the $5.2 billion expected this year.
October 31 – Vetary, a division of Finrise, announced it has launched a marketplace exclusively for pet-care financing and wellness. Pet owners can now get qualified for immediate financial assistance, anytime and from any device, and veterinarians can offer financial solutions directly at the point of care.
October 28 – Far too often, young athletes find themselves starting their professional careers needing to borrow money to keep themselves afloat until proceeds from their contracts roll in. But for some players, a limited credit history can make the lending market treacherous territory to navigate.
October 12 – Sageworks, a financial information company that provides lending, credit risk and portfolio risk solutions to banks and credit unions, announced that it’s partnering with Greater Hudson Bank, headquartered in Bardonia, N.Y., to provide an online loan application allowing commercial borrowers to complete applications electronically.
By Craig Nazzaro
On June 29, the Consumer Financial Protection Bureau and the Department of Justice demonstrated their continued emphasis on fair lending with the announcement of a joint action against BancorpSouth for discriminatory mortgage lending practices. The parties’ consent order, pending court approval, would require BancorpSouth to pay $10.6 million. Industry participants should note three key aspects of this enforcement action: (1) the effect of BancorpSouth’s response to the investigation on the settlement; (2) the CFPB’s use of “testers;” and (3) the CFPB’s continued focus on fair-lending issues.
October 10 – U.S. Bank ended the 2016 Small Business Administration (SBA) fiscal year on Sept. 30 with $838 million in SBA loan volume, an increase of 7.9 percent compared to fiscal 2015. The fifth-largest bank in the country, U.S. Bank maintained its rank as the third-largest SBA lender by volume and fourth-largest lender by units, with 3,285 total loan commitments.
October 10 – The United States Department of Agriculture (USDA) and Bank of America have announced a relending program to provide more than $400 million in long-term, low-cost financing for community development financial institutions (CDFIs) working in impoverished rural and Native American communities. The Uplift America Community Facilities Relending Program will facilitate the construction of schools, health care centers, child care facilities and other much-needed services in communities with limited infrastructure development and persistent poverty.
October 6 – HPD Software, the technology specialist for finance providers, which recently launched a cloud-based version of its premier asset based lending solution – ABLE, is now beginning to roll the system out to regional and community banks.
October 3 – Consumer Financial Protection Bureau has updated exam procedures that its examiners will use in identifying consumer harm and risks related to the Military Lending Act rule. These exam procedures provide guidance to industry on what the CFPB will be looking for during reviews covering the amended regulation. (more…)