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Monday, July 20, 2015

Bank Digital Lending Winner in New Fed Scrutiny of Online Lenders

The Treasury Department has announced that it will assess the practices of non-bank online lenders to consumers and small businesses.  They acknowledge that digital lending “expands the access to credit” through cost efficient means. 

What is without doubt is that new cloud-based, digital technology can deliver without paper loans to consumers and small business at about one-third of the cost of traditional lending methods, as the study below shows.   Note the McKinsey study shows little cost savings from FDIC regulation. Banks already have strict lending compliance requirements, and now have the opportunity to leverage their compliance strength with the efficiency digital lending provides in lower branch costs, underwriting, and origination.  

Digital lending technology can be applied with bank proven, sound underwriting using credit reports and documented revenue or income, and applying the same Reg Z requirements in place today to protect consumers and small businesses.  Banks use compliant processes now, such as reasonable APRs and “auto pay” only at the customer’s choice, unlike many non-bank online lenders.  Compliant programs with sound underwriting like MinuteLender today enable banks to address all the concerns regulators are raising with non-bank digital lenders, and leverage new efficiency and revenues of digital lending.


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