Wall Street Journal
Google last week said it planned to
LendUp describes itself as an alternative to payday loans, because it doesn't charge early-payment penalties, nor does it roll over loans when borrowers don't pay. But LendUp does float loans with APRs that can top 600%. Thus, LendUp will no longer be able to advertise on Google, per its payday loan ad ban. "We … think it paints with too broad a brush," said LendUp CEO Sasha Orloff.
"Google is applying pressure from the outside, and we applaud them. LendUp is trying to change the system from the inside," Orloff wrote in a blog post that was previewed by the Journal.
Time to tap the brakes on the blockchain. Worldwide domination by the blockchain technology probably
Blockchain supposedly has all the answers for the banking, supply chain, healthcare and fine jewelry businesses. But it's not going to be easy to implement because it's not proven how the technology can be scaled, there's no way to know what its regulatory constraints will be, there aren't enough people who understand it to put into broad use, and there's a lack of standards on how to implement it. At least that's what some members of the panel believe.
Now come activist investors with a lobbying trade association. William Ackman, Carl Icahn, Daniel Loeb, and other billionaire
After the formation of at least
Maria Contreras-Sweet, head of the Small Business Administration, "absolutely disagree[s]" with the contention of M&T Bank Chairman Robert Wilmers that most of the SBA's lending authority supports larger loans. "We wanted to make sure that people who had been disenfranchised and had not had access to the SBA now could," she said in a
Another voice has risen to give support to the under-siege online marketplace lending sector. Online lenders like the troubled Lending Club "
Much of the $15 billion in loans arranged by online marketplace lenders in 2015 went toward consumers paying down higher-interest credit card debt, according to a Treasury Department report. These lenders also provide an important source of funding for consumers with lower FICO credit scores.
"For these households, the ability to pay down costly credit-card debt with cheaper marketplace loans can be the difference between financial freedom and personal economic ruin," Jackson said.
But legal challenges based on state usury laws could put an end to the valuable competition that online marketplace lenders bring to the field of credit-card loans. If the legal challenge stands, the supply of marketplace credit to borrowers with sub-650 FICO scores could dry up.
"Borrowers who cannot gain access to marketplace credit will likely choose instead higher-cost sources like credit cards with interest rates as high as 30%, making it harder to repay their debts," Jackson said.
Clif Bar has become a big supporter of a proposal to let young farmers get
It's already difficult to get young people into farming because of the inherent risks of the profession. That threatens food supply. But there are critics of the PSLF program, saying it's an arbitrary decision as to which professions get to benefit.
Financial Times
The four European banks subject to U.S. living will requirements are
New York Times
Banking chiefs have turned down the heat on their