Last week, I wrote about how the Industrial Bank Loan Charter or ILC impacts fintech now and could going forward. Some of the advantages include a federal charter, the ability to accept deposits and a known path of regulation to navigate. But it’s not all rainbows and unicorns. There are downsides to the ILC Charter. … Read more4 Reasons the ILC May Not Be the Best Charter for Fintech
Most of us in fintech got excited about the OCC fintech charter. It is a special purpose national banking charter for fintechs to use to offer some banking type services. The charter also provides a known path on compliance through banking. The charter was first announced in 2016 and in August 2018 they started accepting … Read moreThe ILC is the Future and Present of Big Fintech
Federal judges in California approved of Lending Club’s settlement of its 2-year running class action lawsuit with some shareholders. The essence of the suit described well by our friends at Crowdfund Insider, covers a period from 2014 through May 2016. Those of you who were investing in p2p lending at that time, like many of you … Read moreLending Club Settles Class Action Lawsuit
Bitcoin is Confusing Bitcoin is hard for many people to understand. The difficulty makes sense when you think about it as it is both a currency and a payment/transaction system among other things. We don’t talk about Cash and the Mastercard/Visa network like they are the same because they aren’t even though you use both … Read moreBitcoin Case Study: Venezuela
The Numbers Yesterday Lending Club reported its earnings for the 2nd quarter ended in June. The company lost $81 million, or 9 cents/share in the quarter which is worse than the $4 million loss for the same period last year. Most of the loss is attributed to additional expenses for a combination of additional … Read moreLending Club’s 2nd Quarter Earnings
Bitcoin exchange and lending platform Bitfinex has been hacked and reports say up to $70-72 million worth of Bitcoin was stolen. Their own reporting of it is in a post on their blog right here. Any attempt to login to the platform shows this message regardless of if you have any BTC there or not: … Read moreBitcoin Exchange Bitfinex Hacked. Bitcoins Stolen
Madden v Midland Funding Some of you may have heard about this case and that it may/might/could/is already affecting marketplace lenders. Miss Madden had a Bank of America credit card and defaulted on her payments. Midland Funding is a debt buyer and collection agency based in San Diego. Midland bought the debt of Miss Madden, … Read moreShould Retail Investors Care About Madden v Midland Funding case?
You may have heard of the Lending Club shakeup in their executive team last week. The shakeup came from the fraud the former executives perpetrated on a small subset of loans. In response to these actions, the new CEO Scott Sanborn wrote a letter to larger investors about what happened, what they are doing, and how … Read moreLending Club’s Letter to Institutional Investors
Lending Club CEO Renaud Laplanche, generally regarded as the face of marketplace/p2p lending has resigned his position at Lending Club. The resignation is based on the discovery that $22 million worth of loans were knowingly sold to an investor when the loans did NOT meet that investors buying criteria. It’s yet to be seen if … Read moreLending Club CEO Resigns
Happy New Year to all. I haven’t tabulated my own returns for 2015 yet but I thought it would be a good idea to take a look at how the little guy/retail investor did this year. Each and every year, more and more lending platforms are coming on line yet choices for retail investors are … Read moreHow Did the Retail Investor do in 2015?