Greetings,
Posting will be light for the next two weeks due to the holiday season.
We share with you this week a few macro insights that show the current state of the U.S. economy for your viewing pleasure.
On behalf of PeerIQ, we wish you and your families a joyful and relaxing holiday and thank you for your support!
Source: Blackstone, PeerIQ, St. Louis Federal Reserve
Source: Blackstone, PeerIQ, St. Louis Federal Reserve
Source: Blackstone, PeerIQ, St. Louis Federal Reserve
Source: Blackstone, PeerIQ, St. Louis Federal Reserve
Industry News:
- Americans’ Credit Card Debt Poised to Reach 10-Year High (Bloomberg, 12/12/2019) The amount of borrowers who are at least 90 days past due on their credit card bills will probably tick up to 2.01% in 2020, which is the highest level since 2010.
- CRA cheat sheet: New regime would look very different (American Banker, 12/12/2019) Officials of the OCC state that comparing future CRA investment to the current levels is like comparing apples to oranges.
- Fintech Breakthrough? FDIC Posts Proposed Rule on Brokered Deposit Regulations (Crowdfund Insider, 12/16/2019) The FDIC issued a proposal that would establish a new framework for deposits, which would make it easier for Fintechs to offer deposit services for consumers.
- Fintech Lenders Tighten Standards, Become More Like Banks (Bloomberg, 12/16/2019) According to PeerIQ, the average personal loan in the U.S. went to borrowers with a 717 credit score in Q3 2019.
- PayPal Sues CFPB, Alleging Disclosure Mandate Confuses Consumers (1) (Bloomberg, 12/12/2019) PayPal in disagreement with the CFPB over a “short form” fee disclosure, which PayPal believes is not relevant to its products or offerings.
- Venmo Glitch Opens Window on War Between Banks, Fintech Firms (Wall Street Journal, 12/14/2019) Many PNC customers are having trouble syncing their bank accounts to Venmo.
- California’s Fintech Startups Are Invading New York (Bloomberg, 12/03/2019) Many San Francisco-based startups are branching off to New York City.
- ‘Out of the shadows’: Use of alternative data in lending gains ground (American Banker, 12/16/2019) Financial regulators want banks and credit unions to use alternative data in their lending practices.
- Squashing the Market with Bill Ullman (Buzz Sprout, 12/17/2019) Podcast interview with Bill Ullman and Peter Renton.
- The New Payday Lender Looks a Lot Like the Old Payday Lender (The Atlantic, 12/18/2019) Lenders like Earnin, MoneyLion, and Dave don’t charge consumers interest, but they rely on “tips” to keep their business running.
- Fintech company Bill.com surges more than 60% in market debut (CNBC, 12/12/2019) Bill.com, led by CEO, René Lacerte, made its market debut, increasing its shares by 61% on the first day.
Heavy Fare:
- The Milky Way may have two supermassive black holes (Astronomy.com, 12/12/2019) There might be a second black hole at the center of our galaxy and it’s at least 100,000 times the mass of the sun.