Oct 19, 2020 | Banks & Credit Unions, FinTech, News
Lending Club Announces Retirement of P2P Lending Platform LendingClub, an online marketplace for borrowers to access loans funded by consumer investors in amounts as low as $25, recently announced that its peer-to-peer (P2P) lending platform will be completely shut...
Oct 16, 2020 | Banks & Credit Unions, News
Americans Continue Cutting Credit Card Balances in August, Fed Reports The Federal Reserve (Fed) reported last week that Americans cut credit card balances again in August for the sixth month in a row. Despite the predicted increase in credit card spending, revolving...
Oct 12, 2020 | Banks & Credit Unions, News
Bank of America Announces Plans to Offer Short-Term Loans Last week, Bank of America Corp. unveiled plans to offer short-term loans to customers that have had checking accounts for more than a year. Under the new plan, customers can borrow up to $500 for a flat $5...
Sep 23, 2020 | Banks & Credit Unions, Congressional Legislation, News
Senators Gillibrand and Sanders Reintroduce Postal Banking Act Last week, U.S. Senators Kirsten Gillibrand (D-N.Y.) and Bernie Sanders (D-Vt.) hosted a Facebook Live conversation where the two legislators announced their reintroduction of the Postal Banking Act,...
Sep 21, 2020 | Banks & Credit Unions, FinTech, News
Survey Finds Most Americans Say They Can Now Manage Finances Without Physical Bank Branch A recent survey commissioned by Plaid found that, largely due to the COVID-19 pandemic, most Americans have smoothly transitioned to digital banking and are increasingly turning...
Sep 18, 2020 | Banks & Credit Unions, News
CFTC Report Warns Climate Change Poses Risk to Financial System A recent report from a task force for the Commodity Futures Trading Commission (CFTC) warned that climate change could seriously affect the U.S. financial system and urged regulators to move decisively...