Market Loan News Summary – April 25, 2020

During the week, I share the latest news on Market Lending and FinTech 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.

Paycheck Protection Program Loans: The Good, The Bad and The Ugly by Forbes – Hats off to Brock Blake and Team Lendio. Processing over 70,000 PPP loans worth $ 5.8 billion in two weeks is astounding. Here he is in Forbes sharing the good, the bad and the ugly of the PPP program.

Bankshot relief efforts favor households and businesses with strong ties to banks by American Banker – This has been one of the biggest criticisms of the PPP loan program. Small businesses that weren’t fortunate enough to have a good banking relationship (with an SBA-approved bank) were left behind.

Consumer lenders enter fog of uncertainty by The Wall Street Journal – Some of the big banks don’t think this crisis will be as bad for consumers as it was in 2008-09.

Bank Oklahoma CEO who responded to Mark Cuban’s tweet used his advice to get money into customers’ hands in less than a week by Business Insider – Some positive innovations are emerging from this crisis. See what Citizens Edmond’s Jill Castilla has cooked up with an assist from Mark Cuban. From idea to completion in 24 hours.

Monzo has applied for a US banking license by Business Insider – The latest company to apply for a banking license from the OCC is actually the UK’s leading digital bank, Monzo. They were launched here less than a year ago.

How a Nebraska Family Bank Became a Leader in Coronavirus Lending by The Washington Post – Small banks have really taken the initiative to help small businesses get P3 loans. The 202nd largest bank in the country has certainly exceeded their weight.

What to expect with the reopening of the PPP loan window by San Francisco Business Times – The second round of the PPP is going to go really fast. Wells Fargo has $ 50 billion in loans ready to be made by 450,000 customers, BofA has a similar number, and Chase has tens of thousands of loan applications ready for approval.

Client group urges Fintech Yieldstreet for missing investor payments by The Wall Street Journal – I have been an investor in Yieldstreet for several years and have been very pleased with the experience. But lately they’ve had some challenges. I am invested in two of the offers mentioned in this WSJ article.

Troy M. Hoffman