Newsletter Sent On: 09/16/2020

Puerto Rican Businesses & People Resilient In Spite of Pandemic and Challenges, Says Alvelo Read more

Upstart Welcomes Policy Head Nat Hoopes
Upstart, an AI lending platform, welcomed longtime industry advocate Nat Hoopes to the team this week, to lead as Head of Government Policy and Regulatory affairs. Hoopes previously served as the Marketplace Lending Association executive director (MLA), where he grew the trade group and advocated on behalf of its members. Read more

NYC Restaurants Have Had Enough, Two Lawsuits Filed to Reopen Indoor Dining
Il Bacco, an Italian restaurant in Queens, is leading the charge. The restaurant recently filed a $3 billion class-action lawsuit against New York, signed by more than 300 restaurants. Il Bacco is a three-story eatery in Little Neck, 500 feet from the Nassau county border where restaurants can open to 50% capacity. Read more

Additional Lawsuits Filed Against OnDeck Directors Over Enova Deal
At least three federal lawsuits have been filed against the directors of OnDeck relating to the announcement that the company is being acquired by Enova. These suits allege securities act violations w... Read more

Business Loan Broker "The Tyrant" Sentenced to at Least Five Years in Prison
The owner of a Long Island business loan brokerage convicted of orchestrating an advance fee loan scheme, was sentenced to prison this week. The judge handed Demetrios Boudourakis five to ten years an... Read more

Lendini Relaxes Previously Announced Covid-Guidelines
Lendini is excited to announce its return to small business funding. Through superior efficiency and analysis, the company has improved the process of alternative fund... Read more

California Has Passed a Bill to Form its Own CFPB
Dissatisfied with the CFPB, California legislators have passed a bill to form their own in-state version of the regulatory agency to protect consumers and businesses Read more

Fountainhead CEO Chris Hurn Speaks With deBanked About His Experience With 2020
Chris Hurn, the CEO of Fountainhead, a national non-bank direct commercial lender based in Lake Mary-FL, recently told deBanked in an interview what his company has experienced in 2020. The company wa... Read more

The New Largest Merchant Cash Advance in History: $90 million +
The largest merchant cash advance in history (at $40 million), first publicly disclosed in 2018, has been outdone. Word of a $90M deal has been learned through an SEC lawsuit... Read more

Fintech Equality Coalition: meet disparity in minority PPP funding
Last month, a group of fintech companies christened the Fintech Equality Coalition. Dedicated to ensuring racial equality is a right extended to everyone, the group pledges to focus on enhancing acces... Read more

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