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SoFi's Capital Raise; A Glance at Millennials; UK Parents Lend More Than Most Banks!

Tuesday, May 3, 2016

Change is all around us. The Wall Street Journal reports that the CFPB plans to bring the largest online lending platforms under its supervision by 2017. In the primary markets LendingClub said it expects loan losses on its loans will increase and it is raising interest rates on some loans based on changing credit risk. Avant said its online loan origination declined 27% in Q1 vs. Q4. And Bank of America is now offering customers the ability to check their credit score through the bank’s website, supposedly through a link with TransUnion. (BofA, by the way, says it settled another lawsuit -this time with FHLB of Seattle - for $190 million.)

How about this news out of England? The average amount being lent or gifted by parents, multiplied by 300,000 adult children a year receiving assistance for a house purchase, is enough to put the "Bank of Mum and Dad" at the equivalent of a top 10 UK mortgage lender!

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