...
Some make loans to small businesses, and they should be subject to different rules than firms that lend to individuals. Some use their balance sheets to finance, while others arrange loans by matching borrowers and investors. Some should be called online lenders, others loan marketplaces.
Companies have banded together to tout their transparency and responsibility -- earlier this month, Kabbage, On Deck and others were the latest to form a trade group. Now they’re all trying to avoid the stain that’s seeping through fintech....
...Some banks and industry groups like the American Bankers Association have pushed regulators to clamp down on fintech firms. Banks like Wells Fargo & Co. are building their own competing online lending businesses. Others, including Regions Financial Corp., Banco Santander SA and JPMorgan Chase & Co., are working with them. And sometimes, banks that invest also lobby against....
...“Ninety-five percent of our industry are reputable companies, five percent aren’t. And they’re the ones giving us a bad name.”...
No comments:
Post a Comment