Marketplace lending

Using software from Eastern Bank spinoff Numerated, Bremer Bank says it will be able to approve automated loans to farmers within a minute.

If Gov. Jerry Brown signs the legislation headed to his desk, it would be the first law of its kind in the U.S. It is designed to allow small-business owners to make comparisons between offers in the often bewildering world of online business lending.

The LendingClub founder responded to being booted from his company by starting a new one with involvement from former investors — and a loan buyer he had supposedly wronged.

Upgrade, a marketplace lender founded by Laplanche just a few months after he was ousted from LendingClub, has secured more than $100 million in equity capital and says it is poised to offer more consumer credit products.

Rep. Emanuel Cleaver, D-Mo., released a survey of lending practices that he said point to practices such as forced arbitration clauses and extracting a customer’s credit score to determine creditworthiness.

It bothered Jeannie Tarkenton, founder of Funding University, that too many kids from lower-income families didn't graduate because they lacked just a few thousand dollars and couldn't get a loan.

The online lender’s president, Steve Allocca, shares how the company weathered scandal and hints at future plans to grow its product set.

The marketplace lender recorded an impairment charge tied to the acquisition of a specialty lending business and is still being hit with costs stemming from the scandal that toppled its previous CEO.

The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced.

The bureau wants to encourage more innovation without the threat of enforcement, but observers say regulators also need a testing ground to prove they can regulate fintech.