Newsletter Sent On: 11/19/2019

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Costs, Losses Soar At StreetShares
StreetShares increased revenue by nearly 40% year-over-year, according to the company's latest fiscal year 2019 filing, but costs soared and increased by almost 90%. Read more

Merchant Infamous For Safari-Themed Home (African Queen), Has Died
The saga of Michael Willhoit has come to an end. deBanked wrote about Willhoit in December 2018 when we learned he defaulted on nearly half a million dollars in merchant cash advance transactions and ... Read more

Google to Begin Offering Checking Accounts in 2020
Last week Google announced that it plans to offer checking accounts to customers in 2020. The news comes after the release of the Apple Card, Apple and Goldman Sach’s controversial joint project, in A... Read more

"Predatory Lenders" Slammed as Bill to Ban Confessions of Judgment Nationwide Advances
Rep. Nydia Velázquez (D) celebrated the advancement of a bill on Thursday that aims to outlaw confessions of judgment (COJs) in commercial finance transactions nationwide. HR 3490, dubbed the Small Business Lending Fairness Act, made its way through the House Financial Services Committee on a vote of 31-23. The next step will be a floor vote. Read more

OCC Believes It's Time To Fix Madden Issue Once And For All
If a bank makes a legal loan to a consumer and then later sells the debt to a third party, the terms of the loan are still legal right? Read more

Clearbanc Offering Funding to Combat US-China Tariff Costs
Clearbanc, the Toronto-based funding company co-founded by Dragons' Den’s Michele Romanow, has announced this month that it will be expanding its funding options to support those small businesses who ... Read more

IOU Financial Originated $41.4M in Loans in Q3, Continued Profitability
IOU Financial originated $41.4M in business loans in Q3, according to the company's latest published financial statements. The figure is a modest increase over Q2's $38.5M. IOU also kept up its trend ... Read more

Brian Holloway, America's #1 Most Requested Motivational Team Builder, to Speak at deBanked CONNECT Miami
Salespeople, are you ready for...Total Market Domination?!?!Stanford All-American, 5 time NFL All-Pro, and All-Star front line competitor Brian Holloway will be speaking at deBanked CONNECT ... Read more

BFS Capital Hires New COO
BFS announced that it has hired Brian Simmons as its new Chief Operating Officer. The news come as the company is preparing for the North American launch of its tech platform in December,... Read more

Apple Card Under Investigation by State Financial Regulator
Apple and Goldman Sachs came under fire last week after numerous users of the Apple Card, a joint venture by the two companies, took to social media claiming that the algorithm used to determine credi... Read more

2019 Top 25 Executive Leaders in Lending - Canadian Lenders Association - Presented By BMO
The Canadian Lenders Assocation (CLA) received 124 nominations for these awards from leaders in lending across the country. The CLA’s goal is to support access to credit in the Canadian marketplace and champion the companies and entrepreneurs who are leading innovations in this industry. Read more

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