00:00.000 --> 00:02.610 Sean Murray: Today on deBanked News, stocks are going up, 00:02.730 --> 00:05.850 interest rates will remain low, and we'll get some insight from 00:05.850 --> 00:08.880 a fintech infrastructure company. But first, let's go 00:08.880 --> 00:10.110 over to Johny Fernandez. 00:18.330 --> 00:20.640 Johny Fernandez: Hey, Sean. So right behind me is the Office of 00:20.640 --> 00:23.730 the New York Federal Reserve. It recently agreed that it will 00:23.730 --> 00:27.690 keep interest rates to less than 1%, which is a good or bad thing 00:27.690 --> 00:30.300 depending on what you're trying to do. For example, if you're 00:30.300 --> 00:33.150 trying to secure a home mortgage right now, it could be a great 00:33.150 --> 00:36.540 time to do so. But if your primary form of investing is 00:36.540 --> 00:39.540 keeping your money in savings accounts, right now it may not 00:39.540 --> 00:42.750 be the best time. For example, Marcus, which is owned by 00:42.750 --> 00:45.810 Goldman Sachs recently agreed that it will keep its annual 00:45.810 --> 00:49.860 savings account rates to less than 1%. Goldman Sachs has 00:49.860 --> 00:54.000 predicted that the Fed will keep rates around zero until 2025. 00:54.330 --> 00:57.630 Richard Clarida, the Central Bank's vice chairman, said that 00:57.630 --> 01:00.960 they would not raise rates just because the unemployment rate 01:00.960 --> 01:04.290 falls. And if investing is what you're looking to do, it should 01:04.290 --> 01:06.510 be worth noting that the Securities and Exchange 01:06.510 --> 01:10.230 Commission recently redefined and expanded the definition of 01:10.230 --> 01:13.410 an accredited investor. It says that the move should promote 01:13.410 --> 01:16.380 investment opportunities by maintaining investment 01:16.380 --> 01:20.310 protection and also promoting capital formation. Now, if you 01:20.310 --> 01:23.370 meet the expanded criteria, or even if you don't, it is 01:23.370 --> 01:26.490 important to always do your due diligence, regardless of the 01:26.490 --> 01:29.880 investment big or small. Sean that's the latest here from 01:29.880 --> 01:32.850 lower Manhattan. I'm Johny Fernandez with deBanked News. 01:32.000 --> 01:35.420 Sean Murray: Thanks, Johny. The stock market is currently 01:35.420 --> 01:38.000 enjoying all time highs, seemingly in defiance of 01:38.000 --> 01:41.060 reality. We commonly hear about hedge funds looking for double 01:41.060 --> 01:44.240 digit returns, and it can be pretty hard to find, but now we 01:44.240 --> 01:47.360 have stock indexes that are producing just that. In fact, 01:47.360 --> 01:51.470 the NASDAQ is up year-to-date over 30%. Imagine if that 01:51.470 --> 01:56.210 happened every year. Wait, no. Don't do that. Our next guest 01:56.210 --> 01:57.770 offers something quite revolutionary 01:57.830 --> 02:02.150 lending-as-a-service. We spoke with Timothy Li, CEO of Alchemy, 02:02.270 --> 02:05.330 who told us how banks are changing their mindset to adapt 02:05.330 --> 02:06.560 to the 2020 world. 02:06.660 --> 02:09.690 Timothy Li: Alchemy is an end-to-end private label lending 02:09.690 --> 02:12.990 platform. Lending as a service is essentially software 02:12.990 --> 02:16.950 analytics and servicing. We have call centers. We have an 02:16.950 --> 02:20.070 analytics team that can build models for you guys. And as well 02:20.070 --> 02:23.550 as a technology as a centerpiece of this whole thing. Even before 02:23.610 --> 02:27.210 you know what's happening today before COVID Thanks all what you 02:27.210 --> 02:29.880 know Lending Club, Prosper, OnDeck and Kabbage, what these 02:29.880 --> 02:34.080 guys have done. Banks credit unions, regionals are all 02:34.260 --> 02:36.930 scrambling a little bit right. And we've seen the partnership 02:36.930 --> 02:41.580 between JPMorgan Chase and ODX or OnDeck a couple of years ago. 02:41.790 --> 02:46.350 So the banks were you know, learning, wondering, right? I 02:46.350 --> 02:49.290 can't say they're scared. They have money and technology. But 02:49.290 --> 02:51.630 what's happening with COVID is that they there's a new sense of 02:51.630 --> 02:54.210 urgency. You know, we have conversation with banks, such 02:54.210 --> 02:58.050 as, "hey, Tim, you know, my digital strategy was, you know, 02:58.080 --> 03:01.110 got a 48 month, four-year plan And now I got to acceler 03:01.110 --> 03:03.540 te everything into a four mo th plan. What do we do," right? 03:03.540 --> 03:08.580 Do I build do I lease, or do I, ou know, do I just cry?" So we 03:08.580 --> 03:11.280 ee a lot of these conversati ns happening. 03:10.260 --> 03:12.511 Sean Murray: Thanks, Tim. That's all for today. From deBanked 03:12.558 --> 03:13.590 News. I'm Sean Murray.