Fintech funding reached a record high of $11.9 billion in 2018, and startups have continued to attract millions in investments from venture capital firms, private-equity players and banks this year. The online challenger bank Chime announced a $200 million funding round at the beginning of March, the largest ever for a savings and lending fintech.
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Loans to members rule adopted as proposed
The NCUA Board on Thursday finalized, largely as proposed, its rule to reform to loans and lines of credit to credit union members. NAFCU offered its support of the rule and believes it will positively impact the industry. The board also received a fourth-quarter update on the National Credit Union Share Insurance Fund (NCUSIF).
BBVA Compass commits to providing financial education to 10,000 adults in 2019
Full program launch: Following its four-month pilot in 2018, the bank kicked off the full financial education program last week at its annual Financial Education Summit in Houston. 240 attendees including 93 representatives from participating community partners: Fifty nonprofit community partners were represented at this year’s Summit, which was the largest in the bank’s program history.
IRS Private Debt Collection Program Brings in $130.6 Million
The Senate Finance Committee released a new quarterly report detailing the progress of the Internal Revenue Service (IRS) Private Debt Collection (PDC) Program – which works to bolster the U.S. Treasury and strengthen the effectiveness of the IRS by providing taxpayers with customized solutions that help them satisfy lingering tax debts in a manageable way.
PayPal now lets US users instantly transfer funds to bank accounts in seconds
PayPal, a longtime alternative to the direct use of cards, cash and bank transfers to make payments for goods online and in stores, is today adding a new feature to help it tap into a wider range of customers, such as gig economy workers and use cases — in competition not just against banks (and Zelle, a service that they back), but also younger upstarts like Stripe, Square and others chasing the same business. PayPal is launching Instant Transfer to bank, which will let those receiving money via PayPal instantly move that into their bank accounts to access as cash or however else they would like to use it.
GAO offers CFPB alternative data recommendations
The Government Accountability Office (GAO) has issued the Consumer Financial Protection Bureau (CFPB) a series of recommendations regarding sharing lender alternative data insight. The GAO is recommending the CFPB and federal banking regulators communicate in writing to fintech lenders and banks that partner with fintech lenders, respectively, on the appropriate use of alternative data in the underwriting process. The GAO said the recommendations stem from the CFPB having supervisory authority over some fintech lenders. Fintech lenders that have entered into third-party relationships with banks may also be subject to indirect oversight by federal banking regulators.
NEW ROUNDTABLES ANNOUNCED FOR COLLECTION AND RECOVERY SOLUTIONS 2019 IN LAS VEGAS, NV
Resource Management Services, Inc. is pleased to announce new roundtable sessions at the Collection and Recovery Solutions 2019 conference at the Four Seasons Hotel, Las Vegas May 8 – 10, 2019. In addition to the quality speakers in our main conference sessions, the Creditor’s Roundtables on Friday morning give the attendee an opportunity to choose three different roundtable sessions to join. This allows the attendee to discuss and explore issues of importance from a variety of collection and recovery topics with the discussions led by an industry peer with knowledge specific to the topic. Creditor roundtables will be on Friday, May 10 from 10:00 a.m. to 11:40 a.m. Here are some of the topics that will be discussed this year.
AG Paxton Urges 5th Circuit to Rule That the Consumer Financial Protection Bureau’s Structure is Unconstitutional
Attorney General Ken Paxton expressed his hope that the U.S. Court of Appeals for the 5th Circuit will strike down the structure of the federal Consumer Financial Protection Bureau (CFPB) as unconstitutional after hearing arguments today in the case. Last July, he filed a friend-of-the-court briefwith the 5th Circuit as the leader of a 14-state coalition challenging the CFPB’s constitutionality.
CoreLogic Reports U.S. Overall Delinquency and Foreclosure Rates Lowest for December Since at Least 2000
CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in December 2018, representing a 1.2 percentage point decline in the overall delinquency rate compared with December 2017, when it was 5.3 percent.