Marketplace lending

The Department of Justice and the Securities and Exchange Commission announced settlements Friday related to alleged misconduct that occurred during Renaud Laplanche’s tenure atop the online lender.

The bank seeks to answer the threat posed by disruptors with quick online loans and a card that rewards small businesses for more kinds of spending.

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.

Fintech firms have the federal option they have long sought, but meeting the agency’s application requirements will not be easy.

The New York-based online lender is turning to two European banks to fund loan growth in its overseas markets.

The appointment of David Solomon, who will take over for retiring CEO Lloyd Blankfein, has not altered the bank's aggressive plan to build a mobile phone-based bank for consumers in the U.S. and beyond.

The company, which is dealing with a lawsuit from the Federal Trade Commission tied to certain fees, hired Ronnie Momen from GreenSky as its chief lending officer.

The New York State Department of Financial Services report recommended putting online lenders on a more equal playing field with traditional firms.

The online lender wants to provide instant payments and securitizations alongside instant loans, according to CEO Anthony Noto.

A bill moving through the California Legislature seeks to tame the largely unregulated world of online small-business lending. If passed, it would be the first of its kind nationally, but so far it has failed to satisfy either the industry or its critics.

With the question of a federal charter still looming, Treasury's last report on changes to the financial regulatory system will focus on nonbanks and new tech startups.