Nonbank

Raj Date, the consumer bureau's former deputy director, said Thursday regulators need to be flexible, responsive and use discretion when it comes to dealing with financial technology startups.

The relevant question is no longer whether new regulations will come for the fast-growing industry, but what form they should take.

Uber Technologies is drafting plans to offer banking services to its drivers as part of an effort to fend off ride-sharing competition, according to a report by Quartz.

Revenue growth outpaced rising expenses at OnDeck Capital during the third quarter, allowing the fast-growing small-business lender to turn a profit.

Los Angeles-based marketplace lender AssetAvenue has named a new chief executive.

Now the question is: will online portals become a significant source of financing for U.S. small businesses, or will red tape get in the way?

Lending Club rebounded to profitability in the third quarter as revenue growth at the nation's largest marketplace lender outpaced an increase in operating expenses.

Antonio Weiss, a counselor to Treasury Secretary Jack Lew, called Thursday for greater transparency in the pricing of online small-business loans.

Santander Consumer USA Holdings plans to exit personal lending and focus primarily on its auto-finance business.

The ease of comparing rates online will make it hard for industry pioneers like Lending Club and OnDeck to keep generating high-margin loans, some observers believe.

Legislation would require GAO to study the impact the FHFA membership rule would have on the FHLB System and its members.

Skills Fund, which has raised $11.5 million in seed capital, is one of several lenders targeting students hoping to boost their salaries by quickly learning how to write computer code.

OnDeck Capital, Lending Club, Funding Circle and Kabbage in the last week have all announced moves designed to boost their loan volumes.

Springleaf's proposed acquisition of Citi's OneMain Holdings is being delayed by the Justice Department, which appears focused on preserving competition at the local level — even as a raft of new subprime installment lenders are popping up on the Web.

The bureau's proposed standards would drive lenders out of short-term, small-dollar lending, just as the OCC's 2013 rules did. This time, however, there will be few, if any, regulated institutions left to fill the void.

The pioneering online lender Kabbage has raised $135 million in new equity financing, with three large multinational banks among the lead investors, the company announced Wednesday.

OnDeck Capital has hired Gary Fearnall as its country manager for Canada.

The digital-age industry sells borrowers on its speed. But it remains captive to outdated technology that can delay the delivery of funds by several days.

Traditional banks avoid the short-term-credit market because its customers demand a level of customer service that is inconsistent with current models of retail banking, the head of a payday lending group writes.

A California company called NEFT wants to provide the online meeting place where debt-laden borrowers get together with lenders and credit bureaus to negotiate repayment plans. Backed by some prominent investors, NEFT says it offers carrots to get all the parties to participate.