Competition between fintech, marketplace and traditional mortgage lenders often focuses on borrower-facing automation and other technology. What gets overlooked is how differences in their funding sources create another area of competition.
Acting Comptroller of the Currency Keith Noreika on Monday gave a ringing endorsement to online lenders seeking to expand into banking, suggesting they should consider taking deposits and seek out national bank charters as they mature.
Mike Cagney’s eventual successor will have to decide whether to continue his focus on rapid growth. Also on the table are strategic decisions about when to go public and whether to pursue a bank charter.
Millennials — many of whom joined credit unions in recent years as the movement's membership expanded — are relying more heavily on personal loans than their Gen X predecessors while paring back on credit cards and mortgages.