Still reeling from a recent series of devastating consumer data breaches, an unlikely consortium of tech companies is pushing for a uniform federal privacy law to address the growing “techlash” and preempt potentially more onerous regulations or a patchwork of state-by-state rules. As some states and foreign governments try to implement new limits on what information tech companies can collect and share, once regulation-wary executives are asking for an overarching law — one that they can help write. “There is a strong willingness to work with the government to determine what is doable and what is feasible,” Kristina Bergman, the founder and CEO of the data privacy firm Integris Software, told Cheddar.
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CBA supports Education Department’s student aid recommendations
“For many families and students, a higher education will be one of the most costly investments they make. Colleges and universities have an obligation to set students up for success and the Department of Education should be commended for its recommendations to help ensure students know the true cost of their education. Every student should know how much money they are borrowing and how they will be responsible for repaying. For far too long, it seems some institutions of higher education have tried to mask these key factors by combining grants and scholarships with loans, work-study programs, and parent loans,” CBA President and CEO Richard Hunt said.
FTC Announces Agenda for May Forum on Small Business Financing
The Federal Trade Commission has released the agenda for its May 8 event, Strictly Business: An FTC Forum on Small Business Financing. The forum will explore trends and consumer protection issues in the small business financing marketplace, including the recent proliferation of online loans and alternative financing products. Commissioner Rohit Chopra will give opening remarks at the forum, followed by three panel discussions. The first panel will provide an overview of the small business financing marketplace. The second panel will examine merchant cash advances. The last panel will explore consumer protection risks, applicable laws, and efforts to better protect consumers. Andrew Smith, Director of the FTC’s Bureau of Consumer Protection, will deliver closing remarks.
Silicon Valley Company Settles Fraud Charge for Misstating Returns to Investors
Washington D.C., April 19, 2019 —
The Securities and Exchange Commission today announced that Prosper Funding LLC will pay a $3 million penalty for miscalculating and materially overstating annualized net returns to retail and other investors. San Francisco-based Prosper is a marketplace lender that, through its website, offers and sells securities linked to the performance of its consumer credit loans. According to the SEC’s order, from approximately July 2015 until May 2017, Prosper excluded certain non-performing charged off loans from its calculation of annualized net returns that it reported to investors. The order finds that, as a result, Prosper reported overstated annualized net returns to more than 30,000 investors on individual account pages on Prosper’s website and in emails soliciting additional investments from investors
Fintech Lending Market to Witness Robust Expansion by 2025 | Affirm, Avant, Borro, C2FO, Credit Karma, Fundbox, GoRefi, Kabbage, Lending Club, Orchard
Fintech Lending market research report defines and briefs readers about its products, applications, and specifications. The research lists key companies operating in the global market and also highlights the key changing trends adopted by the companies to maintain their dominance. By using SWOT analysis and Porter’s five force analysis tools, the strengths, weaknesses, opportunities, and threats of key companies are all mentioned in the report. All leading players in this global market are profiled with details such as product types, business overview, sales, manufacturing base, competitors, applications, and specifications. Fintech lending, sometimes referred to as online marketplace lending, is lending through digital platforms that often collect and base lending decisions on nontraditional data sources. The paper documents expectations through large-scale surveys and interviews of various stakeholders in the fintech lending market.
T-Mobile gets into banking, offering 4% interest and no fees on its free checking account
T-Mobile is jumping into the banking business with a splash. The wireless carrier on Thursday introduced a mobile checking account that offers an interest rate thousands of times higher than the national average. Called T-Mobile Money, the new service has no minimum balance requirements and no monthly, overdraft, transfer or late-payment fees. It also offers a potential 4% interest rate on balances up to $3,000 – compared with the industry average of 0.06%. After that, the rate is 1%.
CREDIT UNION, MILLENNIAL, FINTECH LENDERS AND AUTO FINANCE PEER GROUPS TO MEET AT COLLECTION AND RECOVERY SOLUTIONS 2019 MAY 8 -9 IN LAS VEGAS
It’s not too late to register for the Collection and Recovery Solutions 2019 and attend a peer group session. The Collection and Recovery Solutions events began in 2002, when creditors specifically requested an event for senior level collection executives, where they could learn about compliance and collections, effectiveness and efficiencies, in an environment where they were not inundated by salespeople and vendors. At this invitation only conference for creditors, we have peer groups that get together to network and discuss what is happening in the industry today.
“Text me $$$”: Debt collectors may soon be able to text and email consumers
Debt collecting is an age-old business but it may soon receive a 21st-century revamp when the Consumer Financial Protection Bureau, an agency created in the wake of the financial crisis to protect consumers, proposes new rules for the industry. Among the changes may be whether debt collectors can text and email borrowers as they pursue overdue funds.
UDAAP first in CFPB symposia series
Following comments Wednesday from CFPB Director Kathy Kraninger, the bureau has officially announced its symposia series “exploring consumer protections in today’s dynamic financial services marketplace.” The first symposium will be focused on clarifying “abusive” under unfair, deceptive or abusive acts or practices (UDAAP).
Here is the FDIC Small Business Lending Report All Fintech Lenders are Reading
Recently, the Federal Deposit Insurance Corporation (FDIC) published its Small Business Lending Survey for 2018. Included within the report was an ongoing discussion of “non-bank lenders” or online lending platforms including direct and marketplace lenders. First, the FDIC acknowledges the profound importance of small business and their survival being tied to access to capital. IF SMEs cannot access credit they do not grow or survive. Small businesses are the foundation of the US economy driving the majority of job creation and wealth.