On The Web

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Providers

Capital One Starting to Raise Credit Limits in Hunt for Growth

February 25 2021

• in
• Lenders

“Capital One Financial Corp. has begun to lift borrowing limits for certain customers as it seeks to restart growth in its sprawling credit-card business. Increases are being offered to existing customers with both prime and subprime credit scores, Chief Executive Officer Richard Fairbank said at a virtual investor conference Wednesday. The company continues to hand […]

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Providers

Biggest U.S. Banks Keep Lending Less and Less of Their Money

February 10 2021

• in
• Lenders

“The biggest U.S. banks reduced the portion of their collective balance sheets they’re dedicating to loans to a new low, extending a trend that’s seen the largest lenders put less and less of their firepower behind everyday borrowers.    Total loans at the 25 biggest U.S. banks comprise less than 46% of their combined assets, down from […]

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Providers

Minority-Owned Small Businesses Struggled to Access Credit in 2020

February 4 2021

• in
• Lenders

“Minority-owned U.S. small businesses reported much weaker financial conditions than the average in a survey from the Federal Reserve, which highlighted “stark differences by race and ethnicity” in the face of the pandemic crisis. Overall, 88% of firms with fewer than 500 employees said that sales were still below pre-pandemic levels, according to the Small […]

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Deals

Online Lender SoFi to Go Public Through Merger With Palihapitiya-backed SPAC

January 8 2021

• in
• Fintech
• Lenders

“U.S. online lending startup Social Finance Inc (SoFi) said on Thursday it has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya. The deal values SoFi at around $8.65 billion and is expected to provide up to $2.4 billion […]

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Global

China Hails Victory in Crackdown on Peer-to-Peer Lending

December 9 2020

• in
• China
• Lenders

“China has declared victory in its campaign against online peer-to-peer lenders, a risky financing sector that has been zeroed out, a top banking regulator said this week. Peer lenders gather funds from small investors and loan them out to small businesses and individuals. At first loosely regulated, they were seen as a financial innovation serving […]

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Providers

Exclusive: Online lender SoFi explores deal to go public – sources

December 8 2020

• in
• Fintech
• Lenders

“Online lending startup Social Finance Inc (SoFi) has held discussions with blank-check acquisition companies about a deal that would allow it to debut in the stock market, people familiar with the matter said on Monday. The discussions show that going public is solidly in the sights of SoFi’s CEO, Anthony Noto.”

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Providers

Pausing Loan Payments During Coronavirus Is Producing Uneven Results

December 1 2020

• in
• Lenders

“Jim Curran in Malvern, Pa., lost his job in March and got permission to pause his mortgage payments, freeing up thousands of dollars a month, with no damage to his credit score. Patricia Orndorf in St. Louis Park, Minn., also lost her job in March. Her bank let her temporarily skip her credit-card bill, which […]

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Providers

GM Plans to Seek Banking Charter to Grow Auto-Lending Business

November 30 2020

• in
• Lenders

“General Motors Co. is looking to get back in the banking business. The auto maker’s lending arm is drawing up plans to apply for a banking charter, a move that would allow it to accept deposits and expand its auto-finance business, according to people familiar with the matter.”

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Providers

American Consumers Shun Plastic but Borrow More for Homes and Cars, Fed Report Shows

November 18 2020

• in
• Lenders

“Americans continue to shy away from adding onto their credit cards even as they borrow more to buy houses and cars, according to a new report from the Federal Reserve Bank of New York. Household debt overall rose by $87 billion, or 0.6%, to $14.35 trillion in the third quarter compared with the second quarter, the […]

On The Wires

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Deals

Self Financial Raises $40M in Series D Led by Meritech Capital

December 15 2020

• in
• Lenders

“Self provides tools for its customers geared toward building positive behaviors (such as on-time payment history and responsibly using credit) and long-term success, working in partnership with its issuing banks. With the Self Credit Builder Account consumers simultaneously tackle both credit and savings without requiring a hard credit inquiry or credit history. The Self Visa® […]