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.




5 comments:

  1. Hi guys,
    Thank you so much for this wonderful article really!
    If someone want to know more about the Company Finance I think this is the right place for you!

    ReplyDelete
  2. Are you tired of seeking loans and Mortgages,have you been turned down constantly By your banks and other financial institutions,We offer any form of loan to individuals and corporate bodies at low interest rate.If you are interested in taking a loan,feel free to contact us today,we promise to offer you the best services ever.Just give us a try,because a trial will convince you.What are your Financial needs?Do you need a business loan?Do you need a personal loan?Do you want to buy a car?Do you want to refinance?Do you need a mortgage loan?Do you need a huge capital to start off your business proposal or expansion? Have you lost hope and you think there is no way out, and your financial burdens still persists? Contact us (gaincreditloan1@gmail.com)

    Your Name:...............
    Your Country:...............
    Your Occupation:...............
    Loan Amount Needed:...............
    Loan Duration...............
    Monthly Income:...............
    Your Telephone Number:.....................
    Business Plan/Use Of Your Loan:...............
    Contact Us At : gaincreditloan1@gmail.com
    Phone number :+44-75967-81743 (WhatsApp Only)

    ReplyDelete
  3. I know this if off topic but I'm looking into starting my
    own blog and was wondering what all is needed to get set up?
    I'm assuming having a blog like yourrs would cost a pretty penny?
    I'm not very internet savvy so I'm not 100% positive.
    Any ssuggestions or advice ould be greatly appreciated.

    Thank you

    ReplyDelete
  4. Hi,

    Do you need funding to start-up or expand a business?

    We give out all kind of loan like:
    Business loan
    Personal loan
    Home loan
    Agricultural loan
    Educational loan
    Auto loan and other good Reason.

    With over 10 years of experience helping people acquire, recover and stay in their homes and expand/start their business.
    We help new entrepreneur and smart business owners to grow with adequate finance. Contact us at Ford Credit Centre LLC a private lending firm registered in Atlanta.

    We give you quality service and our interest rate is calculated at 3% per annul.

    If you are interested send us a mail for the prerequisite to begin the funding process.

    Kind Regards
    Daniel Ford
    Ford Credit Centre LLC
    409.293.4195 cell
    404.400.4210 whatsapp
    danielfordllc@gmail.com
    info@fordcreditcentre.com
    www.fordcreditcentre.com

    ReplyDelete
  5. HELLO GET OUT OF FINANCIAL MESS WITH THE HELP OF drbenjaminfinance@gmail.com

    I have been in financial mess for the past months, I’m a single mum with kids to look after. My name is REBECCA MICHAELSON, and am from Ridley Park, Pennsylvania. A couple of weeks ago My friend visited me and along our discussion she told me about DR BENJAMIN OWEN FINANCE of (drbenjaminfinance@gmail.com); that he can help me out of my financial situation, I never believed cause I have spend so much money on different loan lenders who did nothing other than running away with my money. She advised, I gave it a try because she and some of her colleagues were rescued too by this Godsent lender with loans to revive their dying businesses and paying off bills. so I mailed him and explain all about my financial situation and therefore took me through the loan process which was very brief and easy. After that my loan application worth $278,000.00USD was granted, all i did was to follow the processing and be cooperative and today I am a proud business owner sharing the testimony of God-sent Lender. You can as well reach him through the Company WhatsApp +19292227023 Email drbenjaminfinance@gmail.com

    THANK YOU VERY MUCH

    ReplyDelete