Marketplace lending

Some are replacing legends, others are overseeing major mergers or product launches, and at least one big-bank CEO is on the hot seat. These are the industry executives to keep an eye on in the new year.

A week after the Office of the Comptroller of the Currency created a new federal charter for fintech firms, California's financial regulator is calling on other states to work together in making their licensing system more palatable to companies.

OnDeck Capital, the New York-based online small-business lender, has obtained a $200 million revolving debt facility from Credit Suisse.

As regulators open the door to fintech firms applying for bank charters, what has already been a long journey to this point is only going to get more intense.

The Office of the Comptroller of the Currency faces a challenging task as it attempts to add financial inclusion requirements to its pending fintech charter without following the exact blueprint of the Community Reinvestment Act.

Key details — like exactly how many regulations companies will face — remain to be worked out on the Office of the Comptroller of the Currency's new limited-purpose charter for fintech firms, leaving the industry divided on whether the charter is a good idea.

The Office of the Comptroller of the Currency will start granting limited-purpose bank charters to fintech companies, but intends to maintain high standards for new entrants.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

The recent shake-up at CAN Capital could spark greater scrutiny of a sector that has drawn comparisons to the bubble-era subprime mortgage market.

The credit reporting firm TransUnion has unveiled a new partnership that is designed to provide more thorough data to investors in marketplace loans.

CAN Capital said Tuesday that CEO Daniel DeMeo has been placed on a leave of absence. Parris Sanz, the company's chief legal officer, is now serving as acting CEO.

Huntington Bancshares in Columbus, Ohio, said it plans to add 1,000 jobs by 2024 at a new office complex in Columbus and lend $300 million to low- and moderate-income communities in the city over the next five years.

The Consumer Financial Protection Bureau issued a proposal Thursday that asks the public to weigh in on consumer access to financial information, part of a fight between banks and fintech companies about the sharing and control of consumer records.

The Lending Club founder is trying to stage a comeback with the formation of a new online consumer lender. But he will likely face more skepticism than he did during the industry's era of explosive growth.

Zopa is moving away from its longtime status of being a non-bank to apply for a banking license through the Prudential Regulation Authority and the Financial Conduct Authority.

A group of online consumer loans that were packaged into bonds is going bad faster than lenders and bond underwriters had expected, the latest sign that some startups that aimed to revolutionize the banking industry underestimated the risk they were taking.

Aaron Vermut has resigned as chief executive of Prosper Marketplace, according to a report in The Wall Street Journal. Vermut stepped down last week but will remain a director at the San Francisco-based online lender, according to the report, which cites unnamed sources.

Affirm, which has raised $525 million since launching in 2012, would like to expand its services and begin taking deposits.

A Trump presidency might very well accelerate recent efforts to adapt banking regulation to the rise of fintech.

The credit agencies played a role in the Great Recession, but marketplace lenders still need ratings oversight to make their businesses viable.