Market Lending News Roundup – March 21, 2020

During the week, I share the latest lending and fintech market news on Twitter as it happens. Then, every Saturday, I take the most interesting news and blog posts from the past week and share them here.

Which is better: digital banks or traditional banks? by Forbes – In his weekly Forbes column, Ron Shevlin examines the strengths and weaknesses of traditional banks versus digital banks.

Consumers are facing a massive credit crunch. Lenders are still figuring out what to do by the Wall Street Journal – Lenders and credit reporting agencies are currently in uncharted waters as millions of people are on the verge of struggling to repay their loans.

Coronavirus throws digital banking into the crucible by American Banker – With many people unwilling to visit banks and millions forced to shelter in place, now is the time for digital banking use of to skyrocket.

The comment period ends with the proposed update to the definition of an accredited investor. So who said what? by CrowdFund Insider – In Non-Coronavirus News CrowdFund Insider has a great overview of feedback received from the SEC’s proposal to update the definition of an accredited investor.

Fintech app says coronavirus caused 30% drop in hours worked by Forbes – Companies like Earnin have real-time insight into the state of American workers. It’s not pretty right now with a 30% drop in hours for hourly employees.

BankThink Speed ​​matters during a crisis. Here’s how technology can help you. by American Banker – In this op-ed from American Banker, Dan Gorfine has some great ideas on how fintech can help directly and why, in times like these, a central bank digital currency would be very helpful.

Response to the Covid-19 crisis: Investors in the European SME loan market in October approve the 3-month freeze on loan capital repayments by Crowdfund Insider – October (formerly Lendix), a French SME lender, has decided to release all loan repayments for three months.

Consumers seek quick access to wages to mitigate coronavirus hit by American Banker – Penny Crosman profiles three companies (PayActiv, DailyPay and Branch) that are providing access to earned wages as they see increased demand from workers economically stressed.

Troy M. Hoffman