Banking

Jamie Dimon Among 181 CEOs Pledging to Look Beyond Investors

August 22, 2019
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This week, JPMorgan Chase CEO Jamie Dimon along with 180 other CEOs published a statement committing themselves to rethinking corporate priorities and their responsibilities as leaders of business. The majority of the Business Roundtable (BRT), a corporate lobbying group comprised of 200 CEOs that once was described as Obama’s “closest ally in the business community,” signed […]

Turning a New Leaf: Banking Committee Chairman Says It’s High Time for New Cannabis Company Regulations

August 19, 2019
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Recent years have seen a surge of popularity for the legalization of cannabis movement across the United States. Beginning with the normalization and legalization of the herb for medicinal use, and then the outright legalization of it in California, Colorado, Oregon, Nevada, Alaska, Michigan, Vermont, Massachusetts, Maine, Washington, and D.C., most states now support legalization […]

Gone with the Lend: Chase Bank Withdraws from Canada, Forgives All Credit Card Debt

August 12, 2019
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In January 2018 Chase Bank released a statement detailing that it will be closing all of its Canadian credit card accounts on March 15 of that year, but customers should continue to pay their bills. Last week all of those debts were cancelled. Coming as a shock to many Chase customers, the decision comes as […]

Maria Vullo Joins Emigrant Bank

July 31, 2019
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Maria Vullo, who served as the Superintendent of New York’s Department of Financial Services (NYDFS) from 2016 to February 2019, has been elected to Emigrant Bank’s Board of Directors. As well as this, Vullo will be joining Emigrant’s holding company, New York Private Bank & Trust (NYPB&T). The move comes five months after the end […]

Online Lenders Beat Credit Unions, Friends, and Family as Primary Source of Credit

July 14, 2019
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primarysource

7% of small businesses generating less than $5 million/year in revenue relied on online lenders as their primary source of credit in the last quarter, according to the latest Private Capital Access Index published by Pepperdine Graziado Business School. 3% relied on credit unions as their primary source and 6% relied on friends and family. […]

OnDeck Canada, Credit Union Announce Partnership

July 11, 2019
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OnDeck

Today sees the partnership of OnDeck Canada and Coast Capital Savings, the first collaboration of its kind in Canada, being between an online lending company and a federal credit union. Beginning this month, small business members of Coast Capital will be able to apply for term loan financing from OnDeck Canada of up to CAD$250,000 online, […]

Canadian Lenders Association to Host Open Banking Summit on July 10th

June 27, 2019
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Open Banking Summit

The Canadian Lenders Association will be hosting its Open Banking Summit on July 10th at Dentons Toronto. It begins at 8am and ends at 11am. This is the third in their event series, and will tackle topics in Open Banking and Big Data in Canada. They will discuss how the industry can best work toward […]

Credit Invisibles Recap – Presented by Canadian Lenders Association in Toronto

June 9, 2019
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Credit Invisibles Panel - Canadian Lenders Association

The Canadian Lenders Association’s (CLA) workshop on credit invisibles and credit deserts was held at the Toronto law offices of Blake, Cassels & Graydon on June 5th. Situated in the financial district with views of the CN Tower, Michael Turner of Policy and Economic Research Council (PERC) kicked off the morning with a presentation on […]

Small Businesses Rank Online Lenders More Transparent Than Big Banks

April 16, 2019
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challenges with lenders

When it comes to business loans, small businesses say online lenders are more transparent than big banks. Specifically, 15% of respondents to a Federal Reserve survey reported challenges with transparency experienced at big banks versus only 12% with online lenders. Small businesses also ranked big banks worse on credit decision wait times, application process difficulty, […]

Lyft IPO Follows a Foray into Finance Business

March 29, 2019
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Lyft

Lyft had its IPO today in the same week it announced that it was offering a debit card to its drivers. The company announced the launch of “Lyft Driver Services,” a suite of services for Lyft drivers including Lyft Direct, a no-fee bank account and debit card. The Lyft Direct debit card will allow drivers to […]

Two Cultures Collided, Gently

March 25, 2019
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Daniel Davis Axiom CEO

Daniel Davis, CEO, Axiom Bank Banks are heavily regulated. Factoring companies are not. The two don’t always mix. So it was interesting last July when Axiom Bank, a regional bank in Florida, acquired Allied Affiliated Funding, a factoring company based in Texas. Fast forward nine months and the merger of the two companies has been […]

Small Community Banks Power Fintech Revolution

February 15, 2019
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Bank

“A few years back there was a lot of disruption talk about how the fintechs were going to destroy the banks,” said Jo Ann Barefoot, co-founder of Hummingbird Regtech and a former deputy U.S. Comptroller of the Currency, which regulates national banks. “There’s much more talk in the last few years about the need for […]

Fintech Inevitable, But Petrou Says Risks Abound

February 12, 2019
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becoming a bank

At the end of last week, two large regional banks, BB&T and SunTrust announced that they are merging. The entity will be the sixth largest U.S. bank and the largest bank merger since the 2008 financial crisis. A MarketWatch story yesterday indicated that large bank mergers are part of a somewhat recent trend, citing the […]

Joust Launches Banking Platform for Entrepreneurs

January 17, 2019
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Lamine Zarrad

Lamine Zarrad, CEO, Joust This week marked the launch of the Joust iOS app, a platform for freelancers and small businesses that provides banking, payments, collections and invoice factoring solutions. The Android App is scheduled for release on February 1, 2019. “We straddle three different domains: payments, merchant processing, and factoring, all in one app,” […]

Trained at OnDeck, LendingFront Founders Help Banks Lend to Small Businesses

January 9, 2019
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LendingFront-front

Yesterday LendingFront announced that it has raised $4 million to help deliver its white label software designed to help banks and other financial institutions lend to small businesses. The company was founded in 2015 by two former OnDeck employees, Jorge Sun and Dario Vergara. Sun was the Chief Credit Officer at OnDeck from 2007 to […]

Square Renews Effort to Become a Bank

December 19, 2018
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Outside the Square Headquarters in San Francisco

Square has plans to refile paperwork with state and federal regulators to open a wholly owned bank in Utah, according to a report in The Wall Street Journal today. In 2017, the company applied with the Federal Deposit Insurance Corp (FDIC) for a licence to become an Industrial Loan Company (ILC) bank, but it withdrew […]

Open Banking — A U.S. Pipe Dream or Near-Term Reality?

December 18, 2018
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open banking

This story appeared in deBanked’s Nov/Dec 2018 magazine issue. To receive copies in print, SUBSCRIBE FREE Some alternative funders are anxious for “open banking” to become the gold standard in the U.S., but achieving widespread implementation is a weighty proposition. Open banking refers to the use of open APIs (application program interfaces) that enable third-party […]

Entegra Bank Chooses Velocity Solutions to Power Its Small Business Digital Lending

December 18, 2018
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bank sign

Velocity Solutions announced today that its Akouba digital lending platform was selected by Entegra Bank to power the bank’s digital lending for its small and medium-sized business customers. Akouba provides community and regional banks with origination and underwriting services. “We selected Akouba not only for their cutting-edge technology and willingness to work with us, but […]

Cross River Bank Raises $100 Million

December 11, 2018
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Cross River Bank

Cross River Bank, which provides banking services to fintech companies, announced last week the completion of a funding round of roughly $100 million. This was comprised of a $75 million equity investment from KKR, along with capital from Andreessen Horowitz, Battery Ventures, Rabbit Capital, and funding from new investors CredEase and Lion Tree. This adds […]

Trump Administration Criticizes Postal Banking Concept

December 9, 2018
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Post Office

Earlier this week, a Trump administration report diminished the idea of having the United States Postal Service take on the role of a bank. “Given the USPS’s narrow expertise and capital limitations, expanding into sectors where the USPS does not have a comparative advantage or where balance sheet risk might arise, such as postal banking, […]