Lots of crypto stories again this week but probably the biggest story, particularly for fintech lenders, was the vote in the Senate to repeal the True Lender rule. We have more SPAC news and Figure getting approval for their new alternative trading system (that could be big). Here are what I consider to be the top 10 most important fintech news stories of the past week.
Senate votes to repeal OCC ‘true lender’ rule from The Hill – Demonstrating a misunderstanding of the OCC true lender rule the Senate voted to repeal it in the name of consumer protection. Fintech lenders have more work to do here to educate Congress on this issue.
Mortgage Lender Better to Go Public in SPAC Deal from The Wall Street Journal – Better has been one of the many fintech success stories of the pandemic with a quintupling of loan volume last year to $24 billion. They will be going public via a SPAC at a $6.9 billion valuation.
If Chime Isn’t A Bank, Then What Is It? from Forbes – Great piece by Ron Shevlin on the Chime Bank/Not a Bank fiasco. As he points out Chime’s customers don’t care as long as their money is FDIC-insured (it is, of course). So, where does this leave all the other neobanks? We need a new word…
LendingClub Chooses Alto as Their New IRA Provider from LendIt Fintech News – With LendingClub’s retail investor marketplace shutdown, thousands of IRA investors are seeing their cash build up. They can now seamlessly move that money to Alto, a leading alternative investment custodian.
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.