BOA filed a lengthy regulatory filing this week; in it they mention the risks of cryptocurrencies to their business; the bank wrote: “The widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions.”; they also discussed the regulatory consequences of cryptocurrencies which could limit the ability for the bank to track movement of funds. Source

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Fintech News Roundup USA

·Nov. 20, 2017

Cleveland Fed Withdraws Controversial Study

After considerable outcry the Cleveland Fed has removed their study about online lending; “In light of the comments received, the authors are currently revising their paper to further clarify the data sample they used in the study,” Cleveland Fed spokesman Tim Dewald said in an email to American Banker; they plan to post a new version of the paper after completing significant revisions. Lend Academy also covered the removal of the report after posting about the release last week. Source.

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Fintech News Roundup USA

·May. 1, 2020

OnDeck’s Streak of Profitable Quarters Comes to an End

OnDeck lost $59mn in Q1 2020 as their streak of seven straight quarters of profitability came to an end; the...

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Fintech News Roundup USA

·Mar. 23, 2020

Early Wage Access Fintechs See Big Boost from Crisis

Early wage access fintechs like PayActiv, DailyPay and Branch are all seeing a big boost from the ongoing crisis and...

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News Roundup Online Lending USA

·Jan. 30, 2017

PayPal Discusses Potential Amazon Partnership

PayPal's fourth quarter earnings release revealed a number of interesting developments for the company; the firm has been steadily growing its partnerships with e-commerce businesses which has helped increase the number of payment transactions per customer; in the fourth quarter PayPal reported 31.1 transactions per active customer which was an increase from 30.2 in the previous quarter and 27.5 in the comparable quarter; PayPal's CEO Dan Schulman has also discussed a new partnership with Amazon that would allow Amazon customers to pay for purchases with PayPal which would further support increases in its customer account activity. Source

PayPal Earnings Report

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Fintech USA

·Jul. 8, 2020

Fintech Mentorships and Accelerators Might Forever Change After Pandemic Risk Subsides

In-person meetups, investor pitches and mentoring have been replaced with virtual sessions that now have the organizations running these programs...

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Fintech News Roundup USA

·Nov. 15, 2017

Lend Academy article: Prosper Shares Q3 2017 Results with $821 Million in Originations

Prosper recently published their third quarter results; the company grew originations 6% from the previous quarter to $821 million; reported a net loss of $26.9 million largely due to non-cash charges related to warrants as part of the consortium deal announced this year. Source

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