Marketplace lending

The New York State Department of Financial Services report recommended putting online lenders on a more equal playing field with traditional firms.

With the question of a federal charter still looming, Treasury's last report on changes to the financial regulatory system will focus on nonbanks and new tech startups.

The ratings agency cautions that marketplace lenders' efforts to tighten credit standards during a "solid" macroeconomic environment underscore the volatility their portfolios might face in a downturn.

The online lender was able to lower the credit enhancement (again) on its latest securitization of consumer installment loans, the $221.9 million Avant Loans Funding Trust 2018-A.

Legal costs and legacy issues related to previous management continue to weigh on the online lender's results.

All of the loans in the £206.6 million deal were funded by institutional investors; the transaction allows these institutions to exit their investments by pooling loans into collateral for bonds.

Using Orchard’s data science smarts, Kabbage intends to offer new payment products to small businesses and loan portfolio insights to financial institution partners.

The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.

The Wall Street giant's acquisition of the app maker Clarity Money is only one part of a long-term strategy to build a digital retail bank from the ground up.

As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.

Upgrade's new product, unveiled Tuesday, is aimed at consumers who are expecting a big expense but may not need to borrow all the money at once. Unlike a home equity line of credit, the loan can be approved in minutes because there is no need for collateral or an appraisal process.

Gill, who spent 14 years at Goldman, will fill a role that has been vacant since last summer at SoFi.

No reason was given for his exit by the Silicon Valley lender, which named another prominent economist, Susan Athey of Stanford, to its board of directors.

Even as many venture capitalists retreat from the online lending industry, Upstart Network is hoping to find investors still willing to bet on the business.

The San Francisco-based online lender reported a net loss of $115 million for 2017, more than half of which was connected to warrants issued in a deal that stabilized the struggling firm.

As in prior transactions, the company itself contributed only a small portion (7.55%) of the collateral for CLUB 2018-NP1; but this time only three unaffiliated parties were invited to contribute the remainder.

The online lender is hiring Kenneth Brause, a CIT Group executive, to succeed CFO Howard Katzenberg.

From efforts to fix the London interbank offered rate to changes in online lenders' funding programs, here are some of the highlights of the Structured Finance Industry Group's 2018 confab in Sin City.

LendingClub, Marlette and others are looking at additional changes to both their securitization and whole-loan sale programs that could further broaden their investor bases.

The legislation, introduced by Rep. Patrick McHenry, R-N.C., would essentially reverse a court ruling that marketplace lenders say has blocked them from helping more consumers access credit.