USA

Latest

USA

·Aug. 4, 2017

SoFi’s 2Q17 Results and Earnings Comments

SoFi reported record earnings and loan volume in the second quarter with revenue of $134 million, adjusted EBITDA of $61.6 million and loan volume of $3.1 billion; in earnings comments, SoFi's CEO, Mike Cagney, was more optimistic about a public offering, mentioning it as a part of a long term plan involved with the search for a new CFO; Cagney also discussed options for offering banking products and said he was optimistic about the approval of the company's application for an industrial loan charter. Source

Read Full Story

Fintech News Roundup USA

·Aug. 4, 2017

WSFS Financial Moves into Private Student Lending

WSFS Financial, which is the parent company of WSFS Bank, announced a Private Student Lending Solutions offering; the new offering will expand their current consumer business and they believe this will help bridge the gap created in the student lending space; WSFS is partnering with leading technology provider LendKey to leverage their application, disbursement and servicing of the loans; Rick Wright, WSFS executive vice president and chief retail banking officer, said, "We want to be that valued resource that customers turn to when they start the difficult process of figuring out how to fund college." Source

Read Full Story

Fintech News Roundup USA

·Aug. 4, 2017

Mayer Brown Reports on Fintech Initiatives from the CFTC

Discusses the political and legal context for development of the agency's initiatives; outlines the Project KISS and LabCFTC initiatives which were announced in May 2017; provides an overview of the objectives involved and includes details on Guidepoint and CFTC 2.0 which are important aspects of LabCFTC. Source

Read Full Story

Fintech News Roundup USA

·Aug. 4, 2017

Fundrise Promotes Starter Portfolio with Minimum Investment of $500

Fundrise is promoting investment in its Fundrise Starter Portfolio; minimum investment is $500 with a 9.25% annual dividend yield and no advisory fees; the Fundrise Starter Portfolio includes investment in the Fundrise Income eREIT and Growth eREIT. Source

Read Full Story

Fintech News Roundup North America USA

·Aug. 4, 2017

First Associates Opens New Operations Center in Mexico

Marketplace lending loan servicer First Associates has announced the opening of a new operations center; the operations center is located in Baja California, Mexico with capacity for 1,000 seats; in comments regarding the announcement, First Associates CEO David Johnson said: "We couldn’t be more excited about our new Baja facility. We are able to deliver the same outstanding quality and service as our San Diego operations center, offer an economically advantageous option to our clients and provide significant opportunities in a developing business community that is an important part of the greater San Diego/Tijuana metro area." Source

Read Full Story

Fintech News Roundup USA

·Aug. 4, 2017

LendIt Webinar: Blockchain Technology: Helping to Transform Wealth Management & Insurance

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

Read Full Story

News Roundup Online Lending USA

·Aug. 4, 2017

Citi Report Finds Student Loan Delinquencies at Mortgage Crisis Levels

A report from Citi Global Perspectives and Solutions, titled "Education: Back to Basics" says student loan default and delinquency rates are down from 14.7% in 2013 yet still high at approximately 11% which is comparable to peak mortgage crisis delinquency rates of 11.5%; report also provides additional comparisons of the current state of the student loan market to the mortgage market crisis; notes that the student loan market overall is $1.41 trillion compared to $8.6 trillion for mortgages, making high student loan defaults less significant than a mortgage market crisis. Source

Read Full Story

Fintech News Roundup USA

·Aug. 4, 2017

LPL’s Perspective on Wealth Management Innovation

LPL has increased their technology spending from $38 million in 2011 to $77 million in 2016; tech executives from the firm say that when it comes to wealth management, innovation firms, like Acorns, are better concepts for inspiration than for instance Betterment; company believes that micro transactions for savings are an important part of the younger generation's experience and the company is taking a generational approach to products to offer a customized product for each type of client; LPL is launching their new robot advice platform, Guided Wealth, this month. Source

Read Full Story

Fintech News Roundup USA

·Aug. 4, 2017

Fluid Strikes Strategic Partnership with Nomad Credit

Fintech and adtech startup Fluid announced a strategic partnership with Nomad Credit, a financial marketplace for international students in the US; the partnership looks to offer better credit options to this underserved market; together the companies will deliver better financial literacy, credit building tools and more cost effective financial products; Timothy Li, CEO of Fluid, said, "I am very pleased to work with the leadership at Nomad Credit to deliver financial products and credit education to over 1,000,000 international students studying here in America." Source

Read Full Story

Fintech News Roundup USA

·Aug. 4, 2017

Follow Up Friday: The Federal Reserve’s Payments Initiative

The Federal Reserve released a report on its initiative to provide real time payments by 2020; the report was created by a task force of over 300 industry contributors; the report, titled, "The U.S. Path to Faster Payments: A Call to Action" outlines payment processing proposals, the task force's vision and goals for the initiative; details on the payments initiative can also be found at FasterPaymentsTaskForce.org. Source

Read Full Story