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Weekly Online Lending Snapshot – September 8, 2017

Online Lending Weekly_snapshot

Competition in the industry continues to accelerate. American Banker reported that mobile payments firm, Square, filed for a banking charter this week, becoming the latest ‘fintech’ company to do so. This would allow them to offer deposit accounts, loans, and other banking services to their small business customers. Cloud Lending Solutions Inc., a global cloud-based financial services technology company providing an online lending platform built on Salesforce for banks, credit unions, and other more traditional lenders, announced it received an investment from ABN AMRO’s Digital Impact Fund (DIF)—a fund that actively manages investments in European fintech startups. They did not disclose the size of the investment. For most of this year, authorities in China have been signaling an increase in oversight of banking and financial services. This week it was reported that online lenders were no longer allowed to offer loans to students in China, on the heels of an announced ban on Initial Coin Offerings (ICOs) by China’s central bank. In U.S. regulatory news, California-based payday loan affiliate network, Zero Parallel, was fined by the Consumer Financial Protection Bureau (CFPB) and ordered to stop their “illegal abusive practices”. It was reported that Canadian banks raised their prime lending rates to 3.2% following the Bank of Canada’s target policy rate increase of 25 basis points from 0.75% to 1.0%. Kroll Bond Rating Agency (KBRA) assigned final ratings to three classes of notes issued by SoFi Consumer Loan Program 2017-5 (“SCLP 2017-5”). This is a $527.12 million consumer loan ABS transaction.

Visit Orchard to download the latest research from Michael Toth, Senior Manager, Analytics & Research, about constructing historical CPR and CDR curves for our clients. Orchard Research Brief – Methodology of Performance Curves.

Note that this report is updated as of Thursday’s market close to ensure we can get it to you before the weekend. Please contact us with any feedback or suggestions you may have for future snapshots.

Full weekly snapshot reports can be downloaded on our research page here