Banking

National Business Capital & Services Expands into Cannabis Funding with CannaBusiness Financing Solution

October 15, 2019
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Today National Business Capital & Services (NBC&S) announced it has begun serving cannabis companies. Through its new program, CannaBusiness Financing Solution, NBC&S is now accepting applications for loans starting at a minimum of $10,000 from firms in the industry that are over one year old. “The CannaBusiness Financial Solution will allow business owners to seamlessly […]

No Fees, Ever – Is Goldman Sachs Winning Or Losing The Online Lending Battle?

September 30, 2019
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Peer-to-Peer lending in the United States died the day Goldman Sachs launched a rival online lending company in 2016. Armed with a low cost of capital and the trust of a household name, Marcus, as Goldman Sachs referred to themselves, sought to further disrupt consumer lending by eliminating every type of fee including late fees. […]

Head of MyPayrollHR Charged in Massive Nine-Year Bank Fraud

September 23, 2019
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When MyPayrollHR left thousands of companies and their employees high and dry without their paychecks earlier this month, suspicion grew that the company’s rather mysterious owner, Michael Mann, may have been involved in some unsavory business. New information has emerged that around that time, Mann voluntarily checked in to the US Attorney’s office in Albany […]

PNC Bank Launches Fintech Startup numo

September 3, 2019
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Last week, PNC Bank announced its latest venture, numo, which aims to function as an internal startup, developing apps and other services to expand PNC’s operations. The first such app is indi, a bank account for gig workers that is exclusive to mobile phones. Offering customers tax calculators, tax savings goals, and dynamics adjustments that […]

Apple Card Partnership Sees Goldman Sachs Lending to Subprime Borrowers

August 25, 2019
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apple card

Apple Card launched this month, and with it have come some complaints over the unforeseen damage that wallets can do as well as an official guide from Apple on how to tend to and clean your new credit card. But aside from aesthetic and hygienic concerns, the card’s release to the wider public has raised eyebrows with […]

Jamie Dimon Among 181 CEOs Pledging to Look Beyond Investors

August 22, 2019
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jpmorgan

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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Young cannabis plants

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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Chase Bank

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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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, 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 […]