News 

PayNet Links Community Bank BNB To Small Biz Loan Tech

“Small business credit analysis company PayNet is linking up with a community bank to streamline SMB lending for the institution” reports pymnts.com. A press release issued this week said that BNB Bank, a community bank operating across the New York and Long Island metropolitan area, will integrate PayNet technology to enhance its underwriting process for small business loans.The FI will use PayNet’s Credit History Report and MasterScore v2 as part of its efforts to fully digitize the SMB lending process, with the PayNet solutions enabling the bank to automate risk…

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Crypto News 

How crypto traders are avoiding taxes with a lending loophole

“With the lending loophole, you avoid taxes by taking out a loan against your Bitcoin to buy Stellar” writes Adam Ghahramani for venturebeat.com. Here are their top five reasons overall: The bottom-line: our crypto tax policy is dumb and it takes equally dumb maneuvers like the lending loophole to outfox it.You’re probably wondering if anyone actually goes to the trouble of doing this, especially since many crypto traders skirt taxes to begin with. Source: venturebeat.com Share This:

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Crypto-backed Lender Cred to Offer $50 Million in Ripple Collateralized Loans

“The leading crypto-backed lending platform has announced that XRP holders can now use their tokens to collateralize USD loans” writes Kuldeep Kaul for livebitcoinnews.com. Holders of Ripple (XRP) in need of fiat money need not sell their assets now.Have you ever used a crypto-backed lending platform?. According to an announcement published Thursday on Cred’s official blog, the firm, which has over $300 million in credit facilities, has secured $50 Million for XRP based loans. Source: livebitcoinnews.com Share This:

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Securities lending boom sparks concerns on returns and voting

“BlackRock Inc’s securities lending revenue surged 14 percent to $338 million during the first half of the year, compared to the year-ago period” reports businessinsider.com. BlackRock’s fund investors can get more income than rivals, however, because there is more securities lending revenue to divide.The DFA Emerging Markets Small Cap Portfolio generated $28.5 million in securities lending income during the six-month period that ended April 30.New regulatory disclosure rules that took effect last year and fresh academic research show, however, there can be a bigger downside to securities lending than previously…

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Bank of England unanimously votes to leave key lending rate unchanged

“Policy makers voted unanimously Thursday to leave the Bank of England’s key lending rate unchanged at 0.75%” writes William L for marketwatch.com. Concerns over the Brexit process were expected to make the central bank reluctant to further tighten policy at its November meeting.The bank said the economic outlook will “depend significantly” on the terms of the U.K.s exit from the European Union, particularly “new trading arrangements, the smoothness of transition to them and the responses of households, businesses and financial markets.”.  Source: marketwatch.com Share This:

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Chinese mobile lender aims for new ways to win over its customers

“In the past, the company only provided its users with lending services but it’s now exploring new opportunities” writes Anthony Kwan for cnbc.com. The customers at WeLab five years ago were 20 years old, and they may have had needed more lending services at that time, said Loong.”Can we actually with the license, with the technology, offer them other additional financial services and also grow with them throughout their life cycle?”. WeLab, a Hong Kong-based financial technology firm, plans to expand its services after applying for a virtual banking license…

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SMBs Ramp Up Legal Fight Against New Virgin Money Owner CYBG

“CYBG, which recently acquired Virgin Money with plans to ramp up small business lending, is facing a heightened legal challenge from small businesses accusing the institution of forcing some small firms into insolvency” reports pymnts.com. Bringing allSquare Finance into the effort will add the company’s expertise in legal action against banks, RGL said.The complaint alleges mistreatment of small business borrowers between 2001 and 2012.The allegations contained within the letter are not accepted by the bank.” CYBG completed its acquisition of Virgin Money earlier this year in what they said created…

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Markets News 

OakNorth: How AI Can Fuel Banks’ Return To SMB Lending

“While the Goldilocks Conundrum offers a simple explanation as to why, a deeper dive into the issue of small business bank lending reveals a far more complex issue” reports pymnts.com. According to OakNorth Analytical Intelligence, both large banks and alternative FinTech firms are struggling to overcome the challenges of SMB lending, and it often comes down to data.This, Nooriala noted, is the crux of the SMB lending gap.With a growing community of alternative finance (AltFin) players, banks have taken to either letting AltFin handle filling the small business lending gap…

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Crypto News 

Nexo Entices Non-USDT Stablecoin Holders to Provide Loan Liquidity

“Why do you think Nexo is offering such high interest gains for stablecoin holders?” writes Jp Buntinx for livebitcoinnews.com. The crypto-oriented loan platform will offer hefty interest rates to users storing major stablecoins on this platform.Holders of such coins can earn interest rates of up to 6.5%.This high interest offered by Nexo may help change that situation over the coming months. Source: livebitcoinnews.com Share This:

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Consumer credit boom is over as banks rein in lending and households become more cautious

“The consumer credit boom is over as growth in loans and credit cards debt slowed to its weakest pace in more than three years” writes Tim Wallace for telegraph.co.uk. Banks are reining in access to credit cards while there are hints that higher interest rates and worries over low savings levels are starting to temper consumer demand.Last month households increased their borrowing by 7.7pc on the year, Bank of England data showed, taking total consumer debts to a record £215.2bn.By falling below 8pc, consumer credit is now growing at below…

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