Three top nonbank fintech marketplace lenders originated nearly $12 billion in loans in 2015, up from less than half a billion in 2011.
While online marketplace lenders are subject to many of the same rules as banks for loan originations, marketplace lenders receive less direct oversight, the Treasury Department said today in its long-awaited report on the marketplace lending industry.
Bankers and others are closely watching to find out if the usury battles thought long won and settled are re-opening.
Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio), joined by Sens. Jeff Merkley (D-Ore.) and Jeanne Shaheen (D-N.H.) today called on the Government Accountability Office to conduct a new study of the fast-growing nonbank financial technology sector.
The current regulatory framework could be strengthened to give the Federal Housing Finance Agency and others greater supervisory authority over nonbank mortgage servicers, according to a report released today by the Government Accountability Office.
ABA today applauded the OCC for its white paper outlining principles for how the agency will support innovation in the financial system.
A responsibly regulated fintech industry is essential for ensuring consumer protection and allowing for greater cooperation between banks and alternative financial service providers, ABA President and CEO Rob Nichols said in an op-ed in American Banker today.
Incoming ABA CEO Rob Nichols discussed his plans to fight for regulatory relief, unite banks of all sizes and engage millennials in a recent interview with The Hill.
According to a recent article published in the September issue of the Scotsman Guide, nonbank lenders are growing in popularity, making them more competitive against traditional bank lenders.
Federal Reserve Governor Lael Brainard joined Janet Yellen at the Community Banking Research and Policy Conference with a speech on community bank lending to small businesses and the rise of online nonbank alternatives.