Payments News

On The Web

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Providers

US Banks Ease Loan Standards in Battle to Lend

“Bank lending standards eased at a record pace in the second quarter as loose monetary policy and continued economic recovery fueled lending competition. According to UBS analysts, net 25% of banks relaxed lending standards for both consumer and small business loans in the second quarter, based in part on data from the Federal Reserve Board […]
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Providers

Wells Fargo Abandons Plan to Shut Down Personal Credit Lines

“Weeks after Wells Fargo & Co. set off a public outcry over its plan to discontinue personal lines of credit, the bank is reversing course. In recent days, the San Francisco-based lender began informing customers who have been using their personal credit lines that the financing channels will remain available. People who haven’t used their […]
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Providers

U.S. Demand for Household Debt Climbed in Q2, New York Fed Report Shows

“U.S. consumers’ demand for new debt grew in the second quarter and credit card use rebounded, reversing the trend of declining card use seen earlier in the coronavirus pandemic, according to a report released on Tuesday by the New York Federal Reserve. Total household debt increased by $313 billion in the second quarter to $14.96 […]
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Providers

Flat Credit Card Growth at JPMorgan Chase Bodes Ill for Other Issuers

“Amid the bright spots in JPMorgan Chase’s second-quarter earnings report — including higher consumer spending and record revenue in asset and wealth management — there lingers a pesky headwind that could persist for several months. Payment rates on credit cards, which have been higher than normal during the pandemic, could stay elevated through the end […]
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Providers

Wells Fargo Tells Customers It’s Shuttering All Personal Lines of Credit

“Wells Fargo is ending a popular consumer lending product, angering some of its customers, CNBC has learned. The bank is shutting down all existing personal lines of credit in coming weeks and has stopped offering the product, according to customer letters reviewed by CNBC.   The revolving credit lines, which typically let users borrow $3,000 […]
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Providers

Regional Banks, Credit Unions Begin Lending to Pot Firms

“Loans to marijuana companies, long taboo even at banks and credit unions that take deposits from cannabis firms, are finally gaining a degree of mainstream acceptance. A handful of insured depository institutions, including two banks with more than $40 billion in assets, have started offering credit in states where the drug is legal, according to […]

On The Wires

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Providers

Brex Launches Brex Venture Debt to Help Existing Customers Scale

“U.S. fintech company Brex , the all-in-one finance solution for growing businesses, today launched Brex Venture Debt, a new product that gives select customers access to debt financing. Brex already offers credit cards, cash management accounts, spend management, and bill pay software together in a single dashboard for its customer base of high-growth businesses. With […]
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Providers

HSBC Is the First Bank to Join Walmart’s Initiative to Improve Access to Working Capital for Diverse and Minority Suppliers in the US

“HSBC Bank USA has become Walmart’s first banking collaborator supporting its initiative to make access to working capital affordable, transparent and more equitable. The financing program, working with C2FO , provides certified diverse and minority suppliers1 with convenient and consistent access to reliable funding sources. The funding could in turn be applied to initiatives that spur […]
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Deals

Bespoke Financial, the Nation’s First Commercial Cannabis Lender, Closes $8 Million Series A

“Bespoke Financial , the first Fintech lender in the country providing debt financing to cannabis companies, announced today the close of a $8 million Series A, bringing the company’s total funding to date to over $28 million. The raise was co-led by Snoop Dogg’s Casa Verde Capital and Sweat Equity Ventures and includes participation from Ceres Group Holdings, […]
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Providers

C2FO and Marcus by Goldman Sachs Announce Partnership to Provide Financing to Small Businesses

“C2FO, the largest global platform for working capital, today announced a new partnership with Marcus by Goldman Sachs that will provide unsecured financing to eligible businesses that use C2FO in the United States. This partnership aims to give small and medium-sized businesses a new, fast and efficient way to access working capital. Access to working capital […]