Weekly Online Lending Snapshot – September 29, 2017
For many of us, the week began at the second annual Online Lending Policy Summit in Washington D.C. Notably, the Acting Comptroller of the Currency, Keith Noreika, addressed the conference and stated that he views the emergence and growth of online lending as a ‘natural evolution of banking’. While not directly related to lending, on the heels of announcing new enforcement initiatives to combat cyber-based threats, the SEC also released a statement on cybersecurity that revealed its EDGAR database was breached in 2016. A paper was released by a company called LendingCalc that covers opportunities in fintech in Asia. The company website doesn’t reveal who the company leaders are, but a press release indicates that the paper was written by former Chief Risk Officer of Dianrong, Terry Tse. Also on the weekend reading list, U.K.-based publisher Raconteur, released a special report, Future of Fintech, and, Deutsche Bank released a study, titled ‘The Next Financial Crisis’. The Bank of England published its Financial Policy Committee Statement from its policy meeting, on September, 20, which states, among other things, ‘there is a pocket of risk in the rapid growth of consumer credit’. At the same time, recent reports have cited an increase in delinquency rates at some U.K.-based consumer online lenders. Also in the U.K., it was reported that Zopa, the very first consumer peer-to-peer lender—and worth noting they still operate as a peer-to-peer lending platform—announced that they will reopen to new investors by the end of this year. Lastly, American Banker named its ‘Most Powerful Women in Banking’.
Visit the Orchard blog to download the latest research, Roll Rate Analysis: Roll Rate Analysis: Estimating the Value of a Pool of Loans and learn about recent updates to the Orchard Lendscape.
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