In this week’s PeerIQ Industry Update they cover the recent remarks by Fed Chairman Powell who says the recovery will take time which increased market volatility; banks are seeing consumer borrowers recovering as firms like Synchrony saw 75 percent of customers on payment holiday return to current status; Secretary Mnuchin said more stimulus would soon be needed to help industries hardest hit by the crisis; early wage access platforms have seen a big surge since the start of the pandemic, DailyPay for example saw a 400 percent increase in March; Goldman Sachs struck a deal with Amazon to extend revolving credit lines to sellers, the deal is another example of Goldman’s success moving to Main Street; Colorado state courts ruled last week that non-bank purchasers of loans could not benefit from an out-of-state bank’s interest rate exemption; this is contradictory to other state ruling and recent comments by new OCC head, clearly more work needs to be done to resolve the conflicts that now exist. PeerIQ
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.