The news this week was dominated by Nubank. The world’s largest fintech IPO was completed on the NYSE this week as the Brazilian digital bank raised $2.6 billion. We also had crypto execs testifying in Washington. the Better CEO making some negative headlines, the OCC and CFPB working on overdrafts and Visa doubling down on crypto. Here are what I consider to be the top ten fintech news stories of the past week.
Crypto Executives Defend Industry as Congress Considers Oversight from The Wall Street Journal – Senior executives from the crypto industry testified before the House Financial Services Committee this week in a relatively non-contentious hearing. The crypto industry wants regulation and educating lawmakers is a big part of this effort.
Head of OCC backs CFPB on overdraft elimination from FinLedger – In a speech Wednesday the acting head of the OCC said that his agency is working with the CFPB to reform and possibly eliminate overdraft fees. Movement is already happening due to market-driven forces with many large banks reducing their use of the punitive fees.
Zopa exits peer-to-peer lending to focus on banking from The Guardian – The original peer-to-peer lender, Zopa, announced this week it is closing down its peer-to-peer lending operation and would be handing back the money to its 60,000 UK investors. This follows LendingClub’s exit from the space in the US last year.
Amex, Nova Credit Expands Credit Partnership to More US Immigrants from PYMNTS.com – Nova Credit has expanded its partnership with American Express allowing immigrants from Brazil, the Dominican Republic, Kenya and Nigeria, who have moved to the U.S.. to have their domestic credit information included when American Express makes an underwriting decision.
Every Thursday the LendIt Fintech News team and a special guest discuss the news of the week live on LendIt TV, YouTube, LinkedIn, and Twitter. We have now made the show available in podcast format – just click on the audio player below.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.