Wednesday, March 12

Tag: Consumer Lending

2Dec By adminNo Comments
Money

A Divorce With Apple, Internal Strife: How Goldman’s Main Street Bet Failed

Updated Dec. 2, 2023 12:23 am ETAt an off-site in upstate New York last month, during a dinner lasting roughly three hours, Goldman Sachs Chief Executive David Solomon told partners that the firm had made some mistakes with consumer lending. But, he said, the business wasn’t as bad as they thought and they didn’t understand the details. He wouldn’t tolerate partners trash-talking Goldman’s decision to get into consumer lending, he told them.Goldman has known for a while that consumer lending wasn’t really working out, and the bank has been looking for the exits. But it was Apple that sealed it. The tech giant recently sent a proposal to Goldman that would pull the plug on their credit-card partnership, the crown jewel of the business.Copyright ©2023 Dow Jones & Company, Inc. All Right...
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2Dec By adminNo Comments
World

A Divorce With Apple, Internal Strife: How Goldman’s Main Street Bet Failed

Updated Dec. 2, 2023 12:23 am ETAt an off-site in upstate New York last month, during a dinner lasting roughly three hours, Goldman Sachs Chief Executive David Solomon told partners that the firm had made some mistakes with consumer lending. But, he said, the business wasn’t as bad as they thought and they didn’t understand the details. He wouldn’t tolerate partners trash-talking Goldman’s decision to get into consumer lending, he told them.Goldman has known for a while that consumer lending wasn’t really working out, and the bank has been looking for the exits. But it was Apple that sealed it. The tech giant recently sent a proposal to Goldman that would pull the plug on their credit-card partnership, the crown jewel of the business.Copyright ©2023 Dow Jones & Company, Inc. All Right...
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Celsius Details Plan to Focus on Bitcoin Mining Post Bankruptcy
1Dec By adminNo Comments
World

Celsius Details Plan to Focus on Bitcoin Mining Post Bankruptcy

Nov. 30, 2023 7:43 pm ET|WSJ ProCrypto lender Celsius Network provided details Thursday of its plan to only mine bitcoin when it emerges from bankruptcy, a scaled-down business that reflects guidance from regulators. Earlier in November, Celsius received approval from a bankruptcy court in New York to create a new company built around Celsius’s bitcoin-mining business, staking activities and monetizing of illiquid assets that was going to be managed by Fahrenheit, an investor group backed by TechCrunch founder Michael Arrington that included US Bitcoin.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Celsius Network, One of Crypto’s Biggest Collapses, Ends Bankruptcy Case
9Nov By adminNo Comments
World

Celsius Network, One of Crypto’s Biggest Collapses, Ends Bankruptcy Case

Updated Nov. 9, 2023 12:52 pm ET|WSJ ProCelsius Network, the crypto platform that touted itself as safer than a bank, won court approval to end its bankruptcy case and release most of its remaining cryptocurrency back to hundreds of thousands of customers whose funds have been trapped since last year.The plan approved in a New York bankruptcy court Thursday also creates a new company built around Celsius’s crypto mining and staking activities, wrapping up a first-of-its-kind bankruptcy process that saw intense involvement from individual customers who fought to influence the outcome.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Our Intelligence. Your Advantage.Sign in or subscribe for access to peerless insight & analysis, curated d...
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Buy Now, Pay Later Lender Is Surfing the Private Credit Wave
9Nov By adminNo Comments
Money

Buy Now, Pay Later Lender Is Surfing the Private Credit Wave

Higher interest rates were supposed to put an end to the fast growth of buy now, pay later lenders. But right now they might actually be helping out.Unlike banks that fund their loans through their deposits, BNPL players that offer small loans and installments to shoppers need to get that money from the market, as do other nonbank financial-technology companies. So they are, in theory, more exposed to the cost of rising interest rates. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Banks Face Shake-Up of Low-Income Lending Rules
24Oct By adminNo Comments
Money

Banks Face Shake-Up of Low-Income Lending Rules

Updated Oct. 24, 2023 9:37 am ETWASHINGTON—Top U.S. banking regulators have been struggling for more than five years to update anti-redlining rules aimed at making banks lend more in lower-income communities. On Tuesday, they plan to complete a revamp of them for the era of online banking.The 1977 Community Reinvestment Act sought to end banks’ historical practice of denying or limiting financial services in minority neighborhoods. The current rules—which are nearly 30 years old—generally require banks to serve everyone in the communities surrounding their branches, including lower-income people. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Banks Face Shake-Up of Low-Income Lending Rules
24Oct By adminNo Comments
World

Banks Face Shake-Up of Low-Income Lending Rules

Updated Oct. 24, 2023 9:37 am ETWASHINGTON—Top U.S. banking regulators have been struggling for more than five years to update anti-redlining rules aimed at making banks lend more in lower-income communities. On Tuesday, they plan to complete a revamp of them for the era of online banking.The 1977 Community Reinvestment Act sought to end banks’ historical practice of denying or limiting financial services in minority neighborhoods. The current rules—which are nearly 30 years old—generally require banks to serve everyone in the communities surrounding their branches, including lower-income people. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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