News 

Competition Heats Up Between Large FIs, Small Banks, Alt Lenders – And SMBs Win

“Meanwhile, SMB lending at small banks also increased, with these institutions approving more than 49 percent of SMB loan applications” reports pymnts.com. Thirty percent of small business loan applications at big banks got approved in May, according to Biz2Credit’s latest Small Business Lending Index.Biz2Credit’s latest Small Business Lending Index found that loan approval rates at alternative lenders stagnated – and at credit unions, they actually fell.This week’s B2B Data Digest explores the stats behind these two conclusions, and also dives into separate analysis about the state of small business lending…

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Credit Union SMB Loan Approvals Hit Record Lows

“The latest data from the monthly Biz2Credit Small Business Lending Index suggests a slump in small business lending among U.S. credit unions” reports pymnts.com. Despite economic strength and traditional bank lending increases, the Biz2Credit survey found a drop in small business loan approval rates at credit unions.That figure is also a new high for post-recession big bank lending to small businesses. Source: pymnts.com Share This:

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News 

Trump to name nominee to steer U.S. lending watchdog next week

“Mulvaney has directed Bureau of Consumer Financial Protection staff to propose cuts that would reduce the agency’s budget by 20 percent” reports autonews.com. For next year, Mulvaney said he has directed the staff to propose cuts that would reduce the agency’s budget by 20 percent.Trump met with at least one finalist for the post in recent days, said Mulvaney, who also serves as Trump’s budget chief.The changes have roiled a watchdog that had been a scourge of the financial industry under former President Barack Obama.The bureau was conceived after the…

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Crypto News 

Bitbank Launches a Bitcoin Lending Service With…

“Bitbank has started its own Bitcoin borrowing program, in which the firm lets users lend a minimum of 1 bitcoin to its native Virtual Currency Lending Service” writes Jp Buntinx for livebitcoinnews.com. Japanese exchange Bitbank aims to do things a bit differently with its native Bitcoin borrowing program.A  number of exchanges are moving into the Bitcoin borrowing market, and Bitbank is one such exchange who is greatly interested in doing so.It removes the uncertain aspect from lending and borrowing cryptocurrency and aims to legitimize the business model as a whole. Source:…

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Westpac Ends Prospa Collaboration After IPO Postponement

“The Australian Securities and Investment Commission is investigating Prospa as part of its overarching probe of the small business financial services market” reports pymnts.com. Reports in The Australian Financial Review (AFR) on Monday (June 11) said Westpac is ending its referral program that sees small business owners rejected for a bank loan linked to the Prospa platform.Days after Australian alternative lending platform Prospa delayed its Initial Public Offering (IPO) indefinitely, one of its bank partners, Westpac, announced it was ending its relationship with the FinTech. Source: pymnts.com Share This:

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News Oil 

RBS cuts lending to new coal and Arctic oil projects

“Royal Bank of Scotland will no longer fund Arctic oil projects and has pledged to cut lending to firms profiting largely from coal as part of an updated energy policy” writes Shane Hickey for theguardian.com. The changes cover the mining, power and oil and gas sectors and are aimed at taking a tougher line on climate change.They mean the bank will not provide “project-specific finance” to new coal-fired power stations, new thermal coal mines, oil sands or Arctic oil projects, or those involved in “unsustainable” vegetation or peatland clearing.RBS will…

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Kenya’s central bank governor calls for regulation of fintech lenders

“NAIROBI (Reuters) – A boom in lending by financial technology (fintech) firms in Kenya has led to an increase in predatory lending practices, the country’s central bank governor said on Tuesday, calling for the sector to be regulated” writes Midwest Communications Inc for 95kqds.com. Several of the companies involved, including U.S. fintech startups, have plans to expand in other frontier markets, meaning Kenya’s regulation will be closely watched.But it is not clear if digital lenders are subject to the current government cap on banks’ interest rates which has slowed private…

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Kenya moves to regulate fintech-fuelled lending craze

“Tala says it has granted more than 6 million loans worth more than $300 million, mainly in Kenya, since it launched in Kenya in 2014” writes Midwest Communications Inc for 95kqds.com. On a loan with a month’s term, this equates to an annualized interest rate of 90 percent.But members of parliament say the public has had enough of high interest rates and the draft does not say the cap will be lifted.As it was for mobile cash, Kenya is something of a test case for the new lending platforms.Branch says…

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