lending Archives -
President Trump on Friday denied a report that the federal consumer financial watchdog might drop sanctions against Wells Fargo & Co. for alleged mortgage lending abuses, and said the bank could face even tougher penalties.
Trump’s comments on Twitter appeared to be in response to a Reuters report…
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Tallinn, Estonia – CoinLoan, the Estonia-based blockchain startup, took the Fintech world by storm today, when they announced that they have been granted a full Economic Activities License by the Estonian Government.
With CoinLoan receiving a license, it means that they have now cleared all regulatory hurdles to enable them to process transactions in crypto and fiat currencies. Because CoinLoan lets members leverage crypto assets like Bitcoin as collateral for loans in conventional currencies, obtaining a financial license prior to launch was essential. CoinLoan can now legally let borrowers access capital on demand using cryptocurrency as leverage for a loan, while retaining crypto-assets as security and having a range of options for tax payments.
Estonian law has legalized the exchange of cryptocurrencies for traditional (fiat) currencies, meaning CoinLoan is perfectly positioned to capitalize on the demand for effortless crypto-to-fiat conversion. CoinLoan’s new license means they now have access to the entire EU market.
Presently, investing in ICOs can be fraught with danger, as many are likely to fail due to overambitious claims, but CoinLoan’s financial license demonstrates that they are building a viable, long-term business. “Unlike most ICO start-ups, we don’t plan on raising and spending funds only to discover we’re not successful.” said Max Sapelov, CoinLoan’s co-founder. “Our project has been running for over a year, and complying with regulations means that we can offer a fully operational product – not just a concept – when we go to market in early 2018″.
CoinLoan went through a series of rigorous checks for legality, financial stability, and security to obtain the license, showing that they are a viable, legitimate business. CoinLoan has made great strides in demonstrating that they’re a worthy investment by adding a number of seasoned blockchain specialists to their advisory team; and then reconfiguring their token offering to make it even more compelling. After successfully raising over $ 800,000 during their pre-ICO fundraising round, they expect to raise the remaining amount via its ICO, which is presently underway.
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A bipartisan group of House lawmakers on Friday introduced legislation to repeal the first broad nationwide regulations on payday and other short-term loans, arguing the rules from the Consumer Financial Protection Bureau would effectively ban millions of Americans from accessing credit.
Changes in the mortgage industry are afoot, with the goal of loosening some of the strict standards established after the subprime crisis – rules some blame for impeding sales.
L.A. Times – Business
The Chinese government is putting the brakes on Dalian Wanda’s overseas acquisitions, clouding the company’s ambitions to become a global entertainment powerhouse.
WSJ.com: US Business
More than a dozen advocacy groups are trying to block the merger of two L.A.-area banks, saying the deal would not benefit low-income and minority communities and that one of the banks does a poor job of lending in some rural California counties.
The California Reinvestment Coalition and other…
Heather Milne Barger and her husband knew it was about time to replace their 12-year-old Honda Civic hybrid this year — not only because it was showing its age, but because they knew there were bargains to be had.
“There were a lot of deals that dealerships were having, and cheap financing,” said…
Viewed optimistically, it looks like Kyle Kazan’s investment fund got an unbelievable deal when it loaned $ 2 million to Bud and Bloom.
Terms call for the recently opened Santa Ana marijuana dispensary to pay a hefty 10% annual interest rate and, once Kazan and his investors feel more comfortable,…
It is appearing more imminent that the Federal Reserve will institute an interest rate hike at its mid-December 2016 meeting, exactly one year after it implemented its first interest rate increase in nearly a decade. The relatively weak economic recovery from The Great Recession (2007-09) was one of the primary […]
Forbes Real Time
Lending Club plans to lay off 179 workers, or about 12% of its workforce, its latest response to a still-unfolding crisis that has cooled investors’ interest in the firm’s loans and pushed the company to dismiss its founding chief executive.
The San Francisco online lender reported the layoffs…