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Peer-to-Peer Student Lending Firm Fynanz Receives $6.5 Million A-Round Funding
Fynanz, a peer-to-peer lending website that specializes in student loans, has raised $6.5 million in Series A funding from Draper Fisher Jurvetson, DFJ Gotham Ventures, The Brazos Group, Zelkova Ventures and JBR Media Ventures. This... More of this article »
Mr. Moynihan Goes to Washington. Bank of America Corp. (NYSE: BAC) CEO Makes D.C. a Strategic Priority
To the person who is against all things banking right now, Bank of America Corp. (BAC) CEO Brian Moynihan may seem like a cynical opportunist. Moynihan sees himself as making a statement. Bank of America gets it. For decades, Bank... More of this article »
Prosper CEO Chris Larsen and Lending Club COO John Donovan to Testify Before California Legislature on Peer-to-Peer Lending
Prosper CEO Chris Larsen and Lending Club COO John Donovan will be testifying in a hearing before the California state-legislature on February 3rd, according to a press release from the office of California State Senator Ron Calderon. California’s... More of this article »
JP Morgan Chase (NYSE: JPM) May Cut Plans to Purchase Sempra Commodities owned by RBS (NYSE: RBS)
JP Morgan Chase & Co (NYSE: JPM) may halt plans to acquire the North American operations of Sempra Commodities LLP after President Obama announced that he would seek to stop banks from engaging in proprietary trading activities,... More of this article »
Bank of America (NYSE: BAC) CEO Open to Creation of Consumer Financial Protection Agency (CFPA)
Bank of America (NYSE: BAC) CEO Brian Moynihan may not oppose the creation of a new federal consumer protection agency, according to a new report from the Wall Street Journal. As part of the Obama administration’s overhaul of financial... More of this article »
California State Legislature to Review Peer-to-Peer Lending Practices
The California State Legislature is in session and California’s senate banking committee will be discussing peer-to-peer lending at a hearing on Wednesday. Here is a summary from the Sacramento Bee of the hearing’s topic: WEDNESDAY:... More of this article »
Social Lending Forums: Where to Discuss Social Lending Online
If you are researching social lending as a possible investment or for the possibility of getting an unsecured loan from a peer-to-peer lending company such as Lending Club or Prosper Marketplace, it’s important to have good information... More of this article »
CommunityLend Now Available to Borrowers and Lenders in Quebec
Canadian Peer-to-Peer Lending Company CommunityLend Now Available in Quebec CommunityLend, a Canadian peer-to-peer lending company, announced on January 29th that their service is now available to both borrowers and lenders in the... More of this article »
Kiva Review: A Microfinance Story for the Digital Age
Although Microfinance initiatives have been around for some time, they did not gain significant notoriety until Matt Flannery and Jessica Flannery (Jessica Jackley) founded the organization we know as Kiva in October of 2005. Nearly... More of this article »
Standard & Poor’s Says UK Banking System Sucks
Standard & Poor’s released a report named ‘Banking Industry Country Risk Assessment: United Kingdom,’ where they stated “We no longer classify the United Kingdom among the most stable and low-risk banking... More of this article »
ZimpleMoney Review: Peer-to-Peer Lending For People You Know
Peer-to-peer lending sites such as Prosper Marketplace and Lending Club have received much of the spotlight when it comes to innovative financial products during the last couple of years, but there’s another type of peer-to-peer... More of this article »
Prosper Statistics: Over Half of Prosper Marketplace Loans are Used for Debt Consolidation
Prosper Marketplace one of the two largest peer-to-peer lending companies operating in the world, has released new statistics showing that 53% of all loans on Prosper’s peer-to-peer lending marketplace were used to consolidate... More of this article »
How to Apply for a Loan at Lending Club or Prosper Marketplace
If you’re in need of money, the traditional route would be to head down to the bank and apply for a loan or appeal to a family member and ask them for a loan. Banks are increasingly being pressured to raise their capital levels... More of this article »
Prosper Marketplace Now Open to Mississippi Lenders
Prosper Marketplace has announced that they have met state regulations to operate in Mississippi and now have clearance to accept lenders from the state. In a statement made on Prosper’s company blog, the company commented, “We... More of this article »
Polish Social-Lending Website Monetto Shutting Down
Polish social lending website Monetto sent an e-mail newsletter to its users on January 20th informing them that their website would cease operations after the end of February. In the newsletter, Monetto urged that lenders update... More of this article »
Morgan Stanley (NYSE:MS): Bank of America (NYSE:BAC) May Be Hit Harder than Thought from Obama Trading Ban
The original report from Citibank (NYSE:C) in response to a proposal to limit proprietary trading from Obama was that Bank of America (NYSE:BAC) would lose about 1 to 2 percent of earnings from the event. Morgan Stanley (NYSE:MS) has... More of this article »
JP Morgan (NYSE: JPM), Exxon Mobil (NYSE: XOM) and Other CEOs Have Lunch with President Obama
JP Morgan Chase & Co (NYSE: JPM) Chief Executive and Chairman Jamie Dimon, Exxon Mobile Corp Chairman and CEO Rex Tillerson and 4 other executives are having lunch with President Obama on Tuesday at the white house. In addition... More of this article »
Goldman Sachs (NYSE:GS) May Sell Off US Banking Business as Obama Continues War on Wall Street
Rumor has it that Goldman Sachs (NYSE:GS) may be thinking of taking steps to sell or spin off it banking business in the United States as Obama continues to cater to populist feelings and ravage the banking industry, as little else... More of this article »
Shareholders File Lawsuit Against Wells Fargo (NYSE:WFC) Over SILO Tax Shelters
Executives at Wells Fargo (NYSE:WFC) had a shareholder lawsuit filed against them in reference to “SILO” tax shelters. It wasn’t clear at the time of this writing who these shareholders were, but they were represented... More of this article »
JP Morgan Chase & Co. (NYSE: JPM) and Bank of America (NYSE: BAC) Plummet on Obama Bank Interference
Shares for JP Morgan Chase & Co. (NYSE: JPM) and Bank of America (NYSE: BAC) plunged on Friday on the news of more interference in the financial industry from the Obama administration, with Bank of America falling 57 cent to $14.90,... More of this article »
Lending Club Using Social Networking Information to Determine Borrower Risk
One of the major challenges that the peer-to-peer lending industry has faced is properly identifying borrowers’ credit risks. Both Lending Club and Prosper Marketplace have been refining their requirements for borrowers over time... More of this article »
US Government Loses $1.5 Billion in Citigroup (NYSE: C) Stake after Threatening New Regulation
President Obama proposed a new set of regulations which would limit the size and scope of banks as well as prevent banks from participating in risky business ventures such as running hedge funds. As a result, the financial industry... More of this article »
Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) Mortgage Portfolios Underscore Ongoing Weakness in Sector
Even though fourth-quarter results were aided by the mortgage businesses of Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC), it was far from telling the overall story as to the continuing weakness in the mortgage sector during... More of this article »