Marketplace lending

The parent company of the consumer lender LendUp has been fined more than $6.3 million by the Consumer Financial Protection Bureau and the California Department of Business Oversight for overcharging borrowers and violating payday and installment lending laws.

WASHINGTON — Federal regulators are not moving fast enough on fintech, prompting Rep. Patrick McHenry to introduce a bill designed to give them a push.

Steve Eisman, who profited from the mortgage meltdown, tells an industry crowd why he thinks the financial system is safer under Dodd-Frank, why Silicon Valley is "clueless" about lending and what the next "big short" will be.

The Consumer Financial Protection Bureau can determine nearly anything to be an unfair, deceptive or abusive act or practice, and it's more likely to do so when lenders try to take advantage of regulatory loopholes.

Online lenders have to make diversity efforts before they can be viewed as champions of economic justice, said Rep. Gregory Meeks, D-N.Y., during a Friday panel on fintech held during the Congressional Black Caucus Foundation's annual legislative conference.

A federal regulatory plan detailing how to unwind a failing uninsured national bank provides some tantalizing clues for how the Office of the Comptroller of the Currency may craft a charter for fintech companies.

Mixed messaging on fin tech doesn't just emanate from the halls of Congress. It can also be found at the regulatory level as well.

For large banks, the risks of partnering with marketplace lenders do not matter. But small community banks can't afford to partner with competitors angling to poach their customers.

In a new proposal, the agency detailed how it plans to invoke an obscure banking law to levy receivership powers over noninsured national financial institutions – which could include fintech companies – if they were to fail.

A fintech startup called Point is allowing consumers sell a piece of their home equity to investors, rather than borrowing against the value of their houses.

Lending Club, which has been rebuilding its executive ranks in the wake of a recent scandal, is hiring Thomas Casey as its chief financial officer.

Marketplace lenders that have partnered with banks face more scrutiny after a federal judge in California handed a legal victory last week to the Consumer Financial Protection Bureau.

Within five years, a dramatic transformation of the mortgage market will force firms to expand product menus beyond mortgages to develop stronger relationships with their customers.

The large marketplace lender is turning to everyday savers as it seeks to bounce back from a damaging scandal.

Live Oak Bancshares in Wilmington, N.C., has formed a renewable energy lending division.

Despite their slowdown in growth, marketplace lenders are still in good position to gain from the digitization of the financial services industry.

Nat Hoopes, executive director of a trade group that represents the chief executives of Wall Street banks, is making the jump to fintech.

Lending Club hired a pair of Wall Street executives to strengthen relationships with investors after many pulled back from buying the loans it arranges online during a tumultuous second quarter.

LendingClub wasn’t alone in its suffering during the second quarter.

Medallion Financial, trying to diversify beyond its traditional business of financing taxi drivers, plans to issue loans on behalf of web-based lenders. But that new strategy faces some potential pitfalls.