Online Lending – NTBA Mainstreet Sat, 12 Jun 2021 01:13:52 +0000 en-US hourly 1 Online Lending – NTBA Mainstreet 32 32 Securities Lending Now Available In Greenville, SC, Thanks To Advance America And LoanCenter Partnership Fri, 11 Jun 2021 21:08:08 +0000

GREENVILLE, SC – June 11, 2021 – (

Advance America partners with LoanCenter to bring new fast-track securities lending options to borrowers in Greenville, SC.

Advance America and LoanCenter partnership in Greenville, South Carolina

Advance America is now working with LoanCenter to provide South Carolina borrowers the ability to request quick access to funds based on the value of their vehicle up to $ 25,000.

This means that access to LoanCenter securities lending is now available at all Advance America locations in South Carolina, as well as through

What are securities lending?

Securities lending, a form of secured loan, provides same-day access to money based on an estimate of your vehicle’s value if you are approved.

LoanCenter securities loans offer up to $ 25,000 with interest rate as low as 36% APR on loans over $ 5,000. Advance America makes title loan references to LoanCenter. Loans are made by Wilshire Commercial Capital, LLC and other lending partners, and are subject to lender approval.

While paying off a title loan, the vehicle remains with the owner, but the title is collateral for the title loan. This means that failure to adhere to a repayment plan could result in the vehicle being taken back or sold. Borrowers should make sure that the repayment plan is achievable within the income limits of the borrower.

Borrowers in Greenville, SC apply for securities lending online or at Advance America stores

It is easy to apply for a title loan online through LoanCenter, where potential customers can begin the process by providing information about the vehicle such as its year, make, model and mileage.

Prospective clients can also apply for securities loans by calling LoanCenter and getting an appraisal over the phone. Similar information will be needed to estimate the value of the vehicle to be used to secure the loan. Potential customers will also need to provide the requested documentation.

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To apply for a LoanCenter securities loan in person, visit any of the Advance America sites in South Carolina, including the list below.

906 W. Greenwood St., Ste. 1 Abbeville, SC 29620

635 highway. 28 Bypass, Ste. A Anderson, SC 29624

3300 N. Main St., Ste. G. Anderson, SC 29621

4030 highway. 9 boiling springs, SC 29316

718-A S. Alabama Ave. Chesnee, SC 29323

6121-C Calhoun Memorial Hwy. Easley, SC 29640

1007 W. Floyd Baker Blvd. Gaffney, SC 29341

2435 E. North St., Ste. 1117 Greenville, SC 29615

3403 W. Blue Ridge Drive Greenville, SC 29611

1178 Woodruff Road, Ste. 15 Greenville, SC 29607

220 Bypass 72 NW, Ste. B Greenwood, SC 29649

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14164 E. Wade Hampton Blvd. Greer, SC 29651

11090 Asheville Hwy., Ste. 5 Inman, SC 29349

1736 SC Hwy. 14 Landrum, SC 29356

900 E. Main St., Ste. F Laurens, SC 29360

300 Spartanburg Highway, Ste. # 302 Lyman, SC 29365

411 W. Butler Road, Ste. B Mauldin, SC 29662

7486-B chemin Augusta Piedmont, SC 29673

160 Bi-Lo Place Seneca, SC 29678

512 SE Main Street Simpsonville, SC 29681

1735 John B. White, boul. Ste. 10 Spartanburg, SC 29301

975 Beaumont Ave. Spartanburg, SC 29303

1511-B Asheville Hwy. Spartanburg, SC 29303

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436-B Duncan Bypass Union, SC 29379

About Westlake Technology Holdings:

Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles, California with approximately $ 12.14 billion in assets under management. Westlake Financial (“Westlake”) is the originator of indirect retail automobile payment contracts through a nationwide network of new and used automobile and powersports dealers. Westlake also offers the purchase of loan portfolios, credit facilities and portfolio services through its Advanced Lending & Portfolio Services (ALPS) division,; floor plan lines of credit are provided by its Westlake Flooring Services division,; the shared cash flow auto loan through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada-based auto lender; indirect auto leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); Dealer leads and direct-to-consumer auto loans are offered by Westlake Direct; consumer securities loans are offered through Westlake’s wholly owned subsidiary, Loan Center,; and commercial real estate loans are offered by Westlake Capital Finance,

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Securities Lending Now Available In Greenville, SC, Thanks To Advance America And LoanCenter Partnership

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Adopting Deciding Factors, Connecticut Supreme Court Grants Great Plains Lending Tribal Lending Entity Victory | Trout pepper Thu, 10 Jun 2021 16:45:22 +0000

At the end of May, the Connecticut Supreme Court ruled [1] that the Great Plains Lending (Great Plains) tribal lending entity is protected by tribal sovereign immunity as an “arm of the tribe”, adopting a test first established by the Tenth Circuit in Breakthrough Management Group, Inc. v. Chukchansi Gold Casino & Resort. [2] The case represents a major victory for the tribe and for tribal lending entities in general, and serves as a further guide to other courts facing similar claims as the tribes continue to establish a strong presence in the lending business of e-commerce.

The case involved two lending entities, Great Plains and American Web Loan, Inc. d / b / a Clear Creek Lending (Clear Creek) – both established by the federally recognized Otoe-Missouria (Otoe-Missouria) tribe and located in Oklahoma – as well as President of Otoe-Missouria, John Shotton (Shotton).

The Connecticut Banking Department – represented by the Connecticut Attorney General – has investigated the two entities, as well as Shotton, for potential violations of Connecticut bank loans and usurious. The banking commissioner found that the entities had made online consumer loans to Connecticut residents without the required license. In addition, the commissioner found that interest rates exceeded state ceilings. Following administrative appeals, the Commissioner issued a final order directing the applicants to cease their lending activities and to pay civil penalties totaling $ 1,500,000.

The tribe filed a motion to dismiss the administrative proceedings for incompetence, claiming tribal immunity for themselves and for Shotton as an official of the tribe. The commissioner dismissed the appeal and the tribe appealed the commissioner’s final orders to the trial court. The trial court concluded that the onus was on the lending entities to prove they were tribal weapons and applied a multi-factor test from People ex rel. Owen v. Miami Nation Enterprises. [3] Under the Miami Country test, the trial court determined that the lending entities had not established their status as tribal weapons. The entities and Shotton appealed.

The case presented the Connecticut Supreme Court with three first-impression questions: (1) which party has the burden of proving the entity’s status as an arm of the tribe, (2) the legal standard governing this investigation , and (3) the extent to which a tribal officer shares this immunity for his actions in connection with the business entity.

Well-established law states that tribal sovereign immunity extends to any business enterprise deemed to be a “branch of the tribe,” but the United States Supreme Court has not yet established a test or standard for taking this. decision. More recently, the Fourth Circuit adopted the Breakthrough factors in arguing that two tribal entities with varying levels of tribal involvement were immune from a lawsuit alleging illegally high interest rates in Williams v Big Picture Loans, LLC. [4] BreakthroughThe factual investigation of s involves evaluating the following non-exhaustive factors: (1) the method of creation of the entities; (2) their purpose; (3) their structure, ownership and management; (4) the intention of the tribe to share its sovereign immunity; (5) the financial relationship between the tribe and the entities; and (6) the policies underlying tribal sovereign immunity and the entity’s linkage to tribal economic development, and whether these policies are served by granting immunity to economic entities.

Adopt the Breakthrough factors, the Connecticut judges held that Great Plains had established itself as an arm of the tribe in law and that Shotton, as an officer of Great Plains and the Otoe-Missouria tribe was also entitled to immunity. sovereign civil sanctions. The court referred the commissioner for further administrative proceedings to determine whether Clear Creek could also establish itself as an arm of the tribe in law.

As with circuit court cases, the state court ruling provides useful guidance to Indian tribes using commercial lending entities as a means of establishing financial independence through a legitimate tribal enterprise. Outside of the game, Tribal Lending Entities represent an important source of income for the Tribes. Tribes wishing to establish tribal lending entities should focus on Breakthrough factors to ensure that their business ventures operate as an arm of the tribe. In particular, tribes should carefully consider the method of establishing the business entity; goal; structure, ownership and management; lack of intention to extend immunity to third parties; and the entity’s financial relationship with the tribe.

Otoe-Missouria’s approach to establishing Clear Creek’s status as an arm of the tribe before the Commissioner, in light of this decision, should also prove instructive. We will monitor the referred case, the Commissioner’s decision and any subsequent court appeals and provide updates in this space.

[1] Great Plains Lending, LLC v. Conn. Dep’t of Banking, 2021 Connecticut LEXIS 136 (Connecticut 2021), at * 3-4.

[2] Breakthrough Mgmt, Grp., Inc. v Chukchansi Gold Casino & Resort, 629 F.3d 1173, 1187 (10th Cir. 2010).

[3] People ex rel. Owen v. Miami Nation enters., 386 P.3d 357, 365 (Cal. 2016).

[4] Williams v Big Picture Loans, LLC, 929 F.3d 170, 177 (4th Cir. 2019).

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Easy Street offers investors and homeowners the same mortgage rates Thu, 10 Jun 2021 00:52:11 +0000

Online lender Easy Street has abandoned the usual practice of charging investors higher mortgage rates than homeowners.

The Community First Credit Union subsidiary has simplified its pricing structure for fixed and variable loans, except those associated with current or previous special offers.

The new structure means that there will be only one rate for each fixed loan and one rate for the standard variable loan, whether the borrower is an investor or a residential buyer.

Interest rates are also the same for principal and interest repayments (P&I) and interest-only repayments (IO).

Easy Street has a daily variable rate of 3.75% per annum (3.79% compare rate *) with a 100% offset account available.

It has one-year fixed rates starting at 2.29% pa (comparison rate of 3.66% pa) and two-year fixed rates starting at 2.29% pa (comparison rate of 3.53 % pa).

Community First Credit Union chief executive John Tancevski said the change “demonstrates Easy Street’s long-standing reputation for delivering banking value and simplicity.”

“We want to make banking simpler and easier for people by removing some complexity in pricing,” Tancevski said.

“As a bonus, investors can now access very competitive prices, unlocking more savings.”

Buying an investment property or looking to refinance? The table below shows home loans with some of the lowest interest rates in the market for investors.

Basic criteria: a mortgage in the amount of $ 400,000, variable, fixed, principal and interest (P&I) with an LVR (loan-to-value) ratio of at least 80%. If the listed products have an LVR

The new pricing structure will not apply to Easy Street’s current special variable rate of 1.95% per annum (1.99% per annum comparison rate) on loans of $ 750,000 and over.

Although the pricing of interest-only repayments is the same, the lender noted that there would still be restrictions on maximum interest terms, with the usual Easy Street valuation criteria being used in connection with the loan approval process.

“Our new rates realign all of our interest rates, whether for investors, homeowners and whether they choose to make repayments on a P&I basis or interest only,” Tancevski said.

Support for returning investors

Data from the Australian Bureau of Statistics (ABS) showed new loan commitments to investors rose 2.1% in April to $ 8.1 billion, the highest level since mid-2017.

This is the latest evidence to suggest that investors are returning to the market in droves after a noticeable drop in investor lending last year.

CoreLogic’s head of research, Tim Lawless, said increased investor activity would further drive up house prices, which could lead regulators to step in next year.

“A slowdown in house price appreciation is expected as affordability constraints gradually impact market participation and potentially stricter credit policies loom further,” Lawless said.

Mr Tancevski said part of the decision to change Easy Street’s new pricing structure was taken in response to changing real estate market conditions.

“With investors returning to Australian property markets, Easy Street’s new pricing structure in the investor space will be very competitive as we will be below almost all of our competitors’ prices,” he said. declared.

“Having the same rates for investors and homeowners is unique in the mortgage industry in Australia and means we won’t charge you more if you fall into one category or the other. ”

Photo by Priscilla Du Preez on Unsplash

The entire market was not taken into account in the selection of the above products. Instead, a smaller part of the market has been envisioned, which includes the retail products of at least the Big Four Banks, the Top 10 Customer-Owned Institutions and Australia’s largest non-banks:

Products from some vendors may not be available in all states. To be taken into account, the product and the price must be clearly published on the website of the supplier of the product.

In the interest of full disclosure,, Performance Drive, and are part of the Firstmac group of companies. To learn more about how handles potential conflicts of interest, as well as how we are paid, please click on the links on the website.

*Comparison rate is based on a loan of $ 150,000 over 25 years. Please note that the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as withdrawal fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.

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ETF securities lending almost doubled in four years Wed, 09 Jun 2021 04:00:54 +0000

Interested in ETFs?

Visit our ETF Hub for investor insights and insights, market updates and analysis, and easy-to-use tools to help you select the right ETFs.

Securities lending by exchange-traded funds has nearly doubled since 2017, according to data from EquiLend, reflecting the huge growth in assets under management across the ETF industry.

The value of ETF loan balances – the value of securities on loan at any time – increased by 77%, from an average of $ 37.5 billion in 2017 to $ 66 billion between Jan. 1 and mid-May, according to EquiLend, a securities lending platform. This overshadowed an overall 21 percent increase in the broader securities lending market.

“As the ETF market has grown, their securities lending may have increased,” said Nancy Allen, global manager of DataLend, EquiLend’s market data division.

According to data from ETFGI, a London-based consultancy firm, ETFs assets under management jumped 85%, from $ 4.7 billion at the end of 2017 to $ 8.7 billion at the end of April.

Securities held by ETFs remain a small proportion of the total loan market, at 2.57% in 2021 compared to 1.75% in 2017, but the growth is a reminder that investors need to be aware of some pros and cons.

Securities lending is popular with some owners of securities, including ETFs, because it allows them to generate income from securities that they do not intend to sell. Borrowers are usually banks and this practice is welcomed by many market participants as it increases liquidity.

However, securities lending has drawn criticism as borrowers include short sellers, who are sometimes referred to as predators. This practice also introduces stewardship issues, as the ability of shareholders to influence the companies they own is reduced if the shares they own are loaned out. Finally, the practice introduces a counterparty risk in the event of default by the borrower and the value of the collateral received in return becomes less than the value of the securities loaned.

Despite these ethical and financial clouds, securities lending can bring benefits to some ETF investors because, as Rumi Mahmood, senior partner for ESG research at MSCI has pointed out, the resulting income can significantly offset the losses. fund charges.

The potential savings cannot be calculated without reviewing the fund datasheets in detail, as the total expense ratio (TER) or ongoing expense figure (OCF) of a fund, which includes management and operating fees. other known ongoing charges, does not reflect the impact of securities lending income.

The potential payouts also vary as some titles are more sought after than others and a higher fee may be charged to lend them, Mahmood said. These currently include small caps, emerging market equities and Canadian equities, he said.

The table below shows how it can work.

BlackRock, owner of iShares and the world’s largest asset manager, said it earned an average of $ 165 million per quarter from securities lending in 2020, although this represents less than 5% of its total revenue.

He declined to reveal what percentage of that income came from ETFs.

In Europe, he said iShares ETF shareholders received 62.5% of income from securities lending. An online policy document shows that this percentage typically reaches between 77% and 82% for funds domiciled in the United States.

Some other vendors return even higher revenue percentages.

European investor rights group Better Finance said it had examined 18 Vanguard ETFs that had entered into securities lending agreements as of June 2020, the latest data it had. He found that the funds received an average of 92 percent of the practice’s income.

“We encourage investors to compare the net [ie after fee] the returns that a product gets from securities lending rather than just comparing the fee percentages shared by the vendors, ”BlackRock said.

BlackRock’s European Securities Lending Policy Document reveals that for iShares ETFs domiciled in Europe, 11% of their total net asset value was loaned in 2020.

In contrast, Vanguard said that historically, on average, the percentage of securities in Vanguard funds that are loaned out has been 2%.

“We strongly advocate a conservative approach to securities lending. We see a highly measured and risk averse approach to securities lending as a means of generating additional income for the funds, and therefore the investors in those funds, and not as an income generating machine for the asset manager, ” Vanguard said.

Click here to visit the ETF hub

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PingPong Payments launches new PLN and SEK currency exchange services Tue, 08 Jun 2021 01:11:42 +0000

FinTech Unicorn PingPong Payments Now Enables Marketplace Sellers, SMEs, and Large Business Traders to Access Europe’s Hottest Markets With Extensive Foreign Exchange Capabilities

NEW YORK, June 8, 2021 / PRNewswire / – Global payment and e-commerce service provider PingPong Payments today announces the expansion of payment processing and foreign exchange services for Polish (PLN) and Swedish (SEK) currencies, enabling access to these growing markets for US and international products and services vendors.

PLN and SEK are the latest currencies added to PingPong Payments global payment solutions, which now offer merchants and sellers online, on Amazon and other platforms, the widest currency conversion service options and the widest access to the international market for payment transactions. PingPong Payments is currently the only Amazon payment service provider that offers Polish currency.

Sweden and Poland are two of Europe fastest growing e-commerce markets. Poland has experienced unprecedented growth in online sales due to Covid-19, with nearly 80 percent Internet users in Poland to shop online. Poland’s leading e-commerce platform Allegro reports that 20m customers visit its website every month. Likewise, in Sweden, the turnover in the e-commerce market amounts to 11,211 million US dollars in 2020 and is expected to grow by 5.2% per year, which will translate into a market volume of US $ 13,729 million by 2024.

Kenny tsang, general manager of Ping pong Payments, comments: In a year that has seen many traditional businesses disrupted by Covid-19, PingPong has been able to successfully support a booming e-commerce market and achieve global growth. Our ability to now offer Polish and Swedish currency exchange services will provide US and international traders with access to two of the richest and fastest growing e-commerce markets in Europe. “

With the addition of PLN and SEK currency conversion services, PingPong Payments now offers market vendors in the US and other geographies support with: US Dollar (USD), Canadian Dollar (CAD) , Australian dollar (AUD), Japanese yen (JPY), United Arab Emirates dollar (AED), euro (EUR), British pound (GBP), Chinese yuan (CNH), Hong Kong dollar (HKD) and Singapore dollar (SGD).

In addition to cross-border payment processing and foreign exchange services, PingPong Payments supports the growth of US and international sellers in overseas markets through additional services including loan, payroll and virtual account solutions. This includes tax and customs registration, supplier validation and payment, market information, and marketing and sales support services..

Kenny continues: “Our innovative payment services have enabled us to become the multidimensional growth partner of choice for hundreds of thousands of professional sellers, who wish to expand their sales internationally. We support our merchants in a way that the banking system does not ‘has not been built, beating traditional rates and reducing the frictions associated with cross-border payments through our unique virtual accounts, which alleviate the problems of anti-money laundering. “

Kenny concludes: “Traders should strengthen their supply chains for international sales all year round instead of waiting for peak seasons. By partnering with the right network of cross-border payment services, online merchants can instantly collect, convert and transfer money from all over the world and aim for global dominance after the pandemic. We save cross-border traders time and money with innovative services like processing VAT and opening local bank accounts, allowing them to keep more of their hard-earned profits. ”

About PingPong Payments
PingPong Payments was founded in 2015 with a mission to help global e-commerce sellers keep more of their profits by beating the rates offered by traditional banks. Today, the company acts as a multidimensional growth partner for more than 750,000 online sellers globally, has processed over 90 billion cross-border payments for online merchants to date and transfers over 150 million per day for international. e-commerce sellers. Merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT and supplier payments, and more. PingPong works with reputable brands such as Citibank, JP Morgan and Wells Fargo which have been licensed to operate efficiently and are subject to strong regulatory and oversight frameworks across the United States, Europe and Asia.

SOURCE PingPong Payments

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Saraswat Bank pre-approved student loan at lowest interest rate ever Mon, 07 Jun 2021 07:49:52 +0000

Bombay, Maharashtra, India:
Saraswat Bank, India’s largest urban cooperative bank, now offers pre-approved student loans to help students achieve their educational goals and aspirations.

The Covid-19 pandemic has significantly impacted the financial situation of many households. Banks and other financial institutions played a central role during this period in lowering their credit costs. Saraswat Bank has already cut interest rates on various loan products such as home loan, car loan, home loan, gold loan, and student loan.

Saraswat Bank offers a pre-approved student loan at 8.50% per annum.

Product Interest rate* Additional advantages *

Student loan

8.50% pa

No processing fees
100% financing of course fees
25% discount on commission on foreign currency purchases or forex transfer
Special interest rate of 8.00% per year for female students
Also applicable for online courses (in India and abroad)

* Baths and conditions of application

The Covid-19 and the frequent blockages have had a huge impact on the education system. But amid these challenges, the pandemic has also opened up various avenues, including open and distance learning (ODL). This has recently given wide recognition to many online courses. As a new feature of its education loan, Saraswat Bank has made arrangements to expand funding for these courses (in India and overseas), thereby accepting and supporting the new avenue of the program.

Another impact of the pandemic is the amplification of exchange rate fluctuations that users face when trading forex. 25% reduction on commission on purchases Currency or currency transfers offered by the bank to borrowers proved to be a small ray of relief in this scenario.

While opting for the Saraswat Bank Study Loan, various parameters such as reduced interest rate, flexibility of loan term through moratorium, concessions on processing fees and other charges, special benefits for female students, etc.

Even in these difficult times, Saraswat Bank has posted commendable growth figures. Bank business crossed Rs. 67,000 crore in 2021 with a net profit of Rs. 270.24 crore. It also kept its NPAs low at 1.04%, demonstrating a strong trading position.

Bank Saraswat has been recognized among The best banks in the world by the prestigious Forbes survey for two consecutive years. He also bagged the “Best technology bank” award for the 5e consecutive year at the Indian Banks’ Association (IBA) Technology Awards 2021 in the cooperative banking sector, accompanied by a price for Best IT risk and cybersecurity initiatives and finalist for Best digital financial inclusion initiatives.

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Kessler Topaz Meltzer & Checker, LLP: final deadline reminder for investors of Ebang International Holdings Inc. Sat, 05 Jun 2021 14:01:00 +0000

RADNOR, Pennsylvania., June 5, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed against Ebang International Holdings Inc. (NASDAQ: EBON) (“Ebang”) at name of those who bought or acquired Ebang securities Between June 26, 2020 and April 5, 2021, inclusive (the “Class Period”).

KTMC Logo (PRNewsfoto / Kessler Topaz Meltzer & Check, LLP)

Reminder of the deadline for investors: investors who bought or acquired Ebang securities during the Class Action Period may, not later than June 7, 2021, seek to be appointed as principal applicant representative of the group. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by e-mail to; or Click on

Ebang is one of the leading application-specific integrated circuit chip design companies and a leading manufacturer of Bitcoin mining machines. The Recourse Period begins on June 26, 2020, when Ebang filed its prospectus for its initial public offering (the “IPO”). At 23 october 2020, Ebang filed its registration statement on a Form F-1 for an offering of Class A common shares and Class A common share purchase warrants. It was subsequently amended on October 26, 2020, November 6, 2020, and November 16, 2020 before Ebang files a related prospectus on a Form 424b4 on November 20, 2020.

According to the complaint, the April 6, 2021, before the market opened, Hindenburg Research released a report alleging, among other things, that Ebang was directing the proceeds of its IPO last year into a “series of dark deals with insiders and dubious counterparties.” . According to the report, Ebang raised $ 21 million in november 2020, claiming that the proceeds would go “primarily to development” and that instead the funds were intended to repay loans between parties related to a relative of the CEO of Ebang, Dong Hu. The report also noted that Ebang’s earlier efforts to go public on the Hong Kong Stock Exchange had failed due to widespread media coverage of a sales inflation program with Yindou, a Chinese lending platform. peer-to-peer online network that defrauded 20,000 retail investors in 2018, with $ 655 million “disappear[ing] in the air. ”Following this news, Ebang’s share price fell $ 0.82, or about 13%, to close at $ 5.53 per share on April 6, 2021.

Then on April 6, 2021, after the market closed, Ebang issued a statement stating that although he believes the report “contains[ed] number of errors, unsubstantiated speculation and inaccurate interpretations of events ”, the“ Board, together with its Audit Committee, intends to further investigate and examine the allegations and misinformation that ‘it contains and will take all necessary and appropriate measures that may be required to protect the interests of its shareholders. ”Following this news, Ebang’s share price fell $ 0.12, or 2.17%, to close at $ 5.41 per share on April 7, 2021. The share price continued to decline during the next trading session in $ 0.38, or 7%, to close at $ 5.03 per share on April 8, 2021.

The complaint alleges that, throughout the Class Period, the Defendants failed to disclose to investors that: (1) the proceeds of Ebang’s public offerings were allocated to low yielding, long-term bonds at a underwriter and related parties rather than being used to develop Ebang’s operations; (2) Ebang’s sales were down and Ebang had inflated reported sales, notably through the sale of defective units; (3) Ebang’s attempts to go public Hong Kong failed due to allegations of embezzlement of investor funds and inflated sales figures; (4) Ebang’s purported cryptocurrency exchange was simply the purchase of a ready-made crypto exchange; and (5) as a result of the foregoing, the defendants’ positive statements about Ebang’s business, operations and prospects were substantially misleading and / or lacked reasonable basis.

Ebang investors can, not later than June 7, 2021, seek to be appointed as the lead representative of class claimants through Kessler Topaz Meltzer & Check, LLP, or another lawyer, or may choose to do nothing and remain an absent member of the class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal Plaintiff, the Court must determine that the Class Member’s claim is typical of the claims of other Class Members, and that the Class Member will adequately represent the Class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.

Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country relating to securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors from United States and all over the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)



View original content to download multimedia:–checker-llp–final-deadline-reminder-for-ebang-international-holdings-inc – investors – ebon-301305951.html

SOURCE Kessler Topaz Meltzer & Check, LLP

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Bragar Eagel & Squire, PC Announces Class Action Lawsuit Has Been Filed Against Ebang International Holdings, Inc. and Encourages Investors to Contact Firm Sat, 05 Jun 2021 01:08:39 +0000

Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of investors who purchased Ebang International Holdings, Inc. (NASDAQ: EBON) between June 26, 2020 and April 5, 2021 inclusive (the “Recourse Period”). Investors have until June 7, 2021 to ask the court to be named lead plaintiffs in the lawsuit.

Click here to join the action.

On April 6, 2021, Hindenburg Research released a report alleging, among other things, that Ebang was directing the proceeds of its IPO last year into a “series of dark deals with insiders and dubious counterparties.” According to the report, Ebang raised $ 21 million in November 2020, saying the proceeds would go “primarily to development” and instead the funds were intended to repay loans between parties related to a relative of the CEO of ‘Ebang, Dong Hu. The report also noted that Ebang’s earlier efforts to go public on the Hong Kong Stock Exchange had failed due to widespread media coverage of a sales inflation program with Yindou, a Chinese lending platform. peer-to-peer online that defrauded 20,000 retail investors in 2018, with $ 655 million “disappearing[ing] in the air.”

Following this news, the Company’s share price fell $ 0.82, or approximately 13%, to close at $ 5.53 per share on April 6, 2021.

On April 6, 2021, after the market closed, Ebang released a statement stating that although he believes the report “contains[ed] number of errors, unsubstantiated speculation and inaccurate interpretations of events ”, the“ Board, together with its Audit Committee, intends to further investigate and examine the allegations and misinformation that ‘it contains and will take all necessary and appropriate measures that may be required to protect the interests of its shareholders. “

Following this news, the company’s stock price fell $ 0.12, or 2.17%, to close at $ 5.41 per share on April 7, 2021. The stock price continued to decline over the next trading session $ 0.38, or 7%, to close at $ 5.03 per share. share on April 8, 2021.

The complaint, filed on April 8, 2021, alleges that throughout the Class Period, the Defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and the outlook for the Company. Specifically, the defendants failed to disclose to investors: (1) that the proceeds of Ebang’s public offerings had been directed into long-term, low-yielding bonds to an underwriter and related parties rather than being used to develop the operations of the company; (2) that Ebang’s sales were down and that the Company had inflated reported sales, in particular through the sale of defective units; (3) that Ebang’s attempts to go public in Hong Kong had failed due to allegations of embezzlement of investor funds and inflated sales figures; (4) that Ebang’s purported cryptocurrency exchange was simply the purchase of a ready-made crypto exchange; and (5) that as a result of the foregoing, the Defendants’ positive statements regarding the business, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.

If you purchased any Ebang securities during the Class Period and suffered a loss, have any information, would like to learn more about such claims, or have any questions regarding this announcement or your rights or interests in any such matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at, by phone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation for you.

About Bragar Eagel & Squire, PC:

Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York City, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit Lawyer advertising. Past results do not guarantee similar results.

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Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648

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Ant’s profitability to take a hit with new consumer credit unit, Banking News & Top Stories Fri, 04 Jun 2021 21:00:00 +0000

BEIJING • Ant Group’s most lucrative business, consumer credit, risks becoming less profitable as the Chinese financial juggernaut emerges from a six-month regulatory crackdown aimed at limiting its influence.

While the writing has been on the wall for months, Thursday’s approval of its consumer credit unit with capital of 8 billion yuan (S $ 1.65 billion) limits Ant’s ability to lend. alone and in partnership with banks. But the company might not need to raise more capital, as loans fully funded by banks but distributed on Ant’s Alipay platform will not contribute to the unit’s balance sheet.

The approval marks an important milestone in Ant’s overhaul as it becomes a financial holding company that will be regulated more like a bank. Getting the green light to continue its consumer lending business allows the fintech giant to chart a course for the future after regulators torpedoed its record-breaking list last year.

“There are ambiguities, but the significance is that this is a step forward,” said Ms. Shujin Chen, Hong Kong-based analyst at Jefferies. The move will limit Ant’s ability to lend, but it remains to be seen whether regulators will allow her to continue distributing loans to other institutions for a fee, she said.

Chongqing Ant Consumer Finance will be allowed to lend to individuals, issue bonds and borrow from domestic financial institutions, a notice from the China Banking and Insurance Regulatory Commission said Thursday.

Ant, China’s largest online consumer loan provider, will have to shift its lending operations and outstanding loans to unity. It will provide 4 billion yuan of capital, which will give it a 50% stake.

Ant plans to keep its two most important brands for online lending – Huabei and Jiebei – but only for loans backed by capital from the consumer credit company or co-financed by banks, according to a person familiar with the matter. Loans only provided by banks but distributed through the Ant platform cannot use brand names.

The unit will need to provide 30% of the funding for all co-loans, based on rules released earlier this year. With a leverage of 10 times its share capital, this means that the total amount of its joint loans will be capped at 266 billion yuan.

The regulator said Ant must comply with the laws by fully disclosing borrowers, loan terms, annual interest rates and delinquent loans.

Ant will work with other shareholders “to meet the needs of consumers and continue to improve the quality of financial services and risk management capabilities,” a spokesperson for the company said in a text message.

China Huarong Asset Management is one of the shareholders, with a 4.99 percent stake. Other investors include Nanyang Commercial Bank, China TransInfo Technology and Contemporary Amperex Technology.

Separately, Financial News, backed by the People’s Bank of China, announced that the consumer credit unit will take over qualifying businesses from two Ant Group small loan companies, which will close within a year of starting up. the new unit.

Before the crackdown, Ant had a thriving business that distributed small unsecured loans through Huabei and Jiebei. Its CreditTech business was its biggest source of income, contributing 39% of the total in the first six months of last year.

Ant issued approximately 1.7 trillion yuan in consumer microloans to 500 million people last June.

Fintech platforms have since been criticized for not having enough collateral and for lending to low-income youth and youth. In February, the banking regulator imposed restrictions on banks and financial institutions working with online microlenders, capping the amount of joint loans they can make with the platforms.


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Analytics and Automation Open Credit Markets to New Consumers Fri, 04 Jun 2021 17:09:49 +0000

June 4, 2021

8 minutes to read

This story originally appeared on ValueWalk

Fintech’s Access Advantage: Alt Data and Analytics Open Credit Markets to New Consumers

Letters, conferences and more on hedge funds in the first quarter of 2021

A new economy needs a new approach to underwriting; fintechs are stepping in to fill in the pronounced gaps and rapidly increase market share along the way.

The conventional wisdom amid the recent backlash against all things tech is that AI and machine learning are inherently biased at worst, or at best only serve a segment of the population. Last year, for example, the Financial Services Committee working group held a hearing on ‘Fair AI’ in which Congressman Barry Loudermilk proposed: ‘There has to be a benchmark for compare the results of algorithms and assess the fairness of an algorithm’s decisions. The good news is that there is already a way to compare the fairness of fintech platforms; the bad news is that it exposes the prejudices of the status quo (ie the inexplicable “black box” that is the human mind).

Namely, research from New York University recently showed that among PPP lenders, fintech platforms as a whole were much more efficient than traditional banking institutions at providing loans to a population of borrowers. more diverse. For example, data showed that fintech lenders had a significantly larger share of their total number of loans made to black business owners than any other category of lenders, from small and medium-sized banks to large institutions. . Although the study focuses on business loans, it highlights the potential of fintech platforms to have the same impact on personal finances.

This is not to say that there is no room for improvement or that neural network technology has totally solved the problem of bias and access in consumer banking. There is indeed work to be done. But suggest that fintech platforms don’t have already Creating a better alternative for underserved communities or unclear credit profiles is to overlook the myriad ways in which technology is already making access easier for consumers.

The story of “efficiency” is universal for most digital solutions, although the historical bottlenecks that have limited consumer lending are likely more pronounced than anywhere else in finance. Automation, for example, allows lenders to process mortgages in days instead of weeks or months. A more intuitive user experience also eliminates the excessive change costs that have traditionally tipped the scales in favor of legacy institutions. If consumers are rejected or dislike the terms offered by their current banking relationships, the alternatives are just a few clicks away. Automation and speed, in this regard, already translates into more choice for consumers, more power to dictate improved conditions and better, more personalized results.

That said, it is the growth and adoption of alternative data and analytics that has the potential to have a much greater impact when it comes to access by giving decision makers infinitely deeper granularity and insight. more revealing about the creditworthiness or risks of potential borrowers. .

Addressing FICO’s blind spots

Few would argue that the technology does not deliver significant efficiencies for fintech lenders who underwrite consumer loans or for individuals who request them. Even Jamie Dimon, in JPMorgan Chase’s annual letter to shareholders, warned that a significant market share is at risk given the ability of fintechs to “integrate seamlessly with other platforms” and “use data intelligently ”.

However, upstarts don’t just target existing customers; they also integrate previously unbanked consumers with more dynamic underwriting models and personalized mass analytics that enable tailor-made lending solutions. When these platforms and applications gain critical mass, it will represent a radical transformation from the current state in which most potential borrowers are assessed on the basis of an accurate credit profile, marked by glaring deficiencies. ‘information.

When credit bureaus were first established in the 1970s, they helped democratize finance and provided structure where there was none before. Fifty years later, in a new economy, the blind spots of FICO scores are too obvious to ignore.

For the uninitiated, FICO is a statistical model used by credit issuers to predict a borrower’s probability of default. FICO’s rating is based on four main inputs – a borrower’s current credit, repayment history, defaults, and credit inquiries. Again, 50 years ago, FICO’s credit scores were revolutionary. They offered a traceable and somewhat objective measure to assess risk. And, make no mistake, an individual’s debt repayment history is indeed a good indicator of their ability to repay debts in the future.

However, fintech lenders today benefit from a more complete picture – thanks to data – that goes beyond traditional credit scores and reports. It is not just a question of subscribing with more precision and conviction; alternative data and new analytics allow fintech platforms to monitor their credit portfolios more diligently, while also expanding the scope of issuance without changing the risk profile of the credits they accept.

The benefits for borrowers are even more pronounced. Access to income and deposit data, for example, opens up funding to a whole range of individuals who represent low-risk loans, but struggle to adjust to the narrow archetype of creditworthiness. FICO. Information on exactly how people spend their money is also valuable and arguably much more relevant in measuring a borrower’s ability to repay a loan. Credit bureaus today can only access exits to pay off existing debt, which is a very small slice of an individual’s financial identity. This new granularity also allows fintech to offer hyper-personalized solutions in which the risk premiums correspond to the specific borrower and their unique financial situation and in real time.

The great concert opportunity

Consider how the economy has evolved over the past 50 years. Lenders just need a new approach to reframe the way they make their credit decisions – as risk models change, professions evolve, and employee-employer relationships become smoother. . The growing concert economy is a prime example.

More than a third of American workers are self-employed according to government estimates, and more than half of the Gen Z workforce is active in the concert economy. Depending on the specific area, gig workers often earn more than more traditional employees in comparable roles, especially in transportation, professional services and the health professions, according to ADP data comparing 1099-MISC employees. and traditional W-2 filers. Still, underwriting workers in the odd-job economy can be more difficult for lenders, given the “seasonality” of the specific business, barriers to employer verification, and other nuances.

Technology provides a tool for lenders to fill information gaps, and new entrants are indeed harnessing these capabilities to capture market share.

Jack LaMar, GTM Strategy Manager, New Products, at Plaid, noted in a recent webinar that when Uber and Lyft gained critical mass, neobanks were not far behind. He observed that a growing population has oriented their entire value proposition around one goal: “to serve employees in the odd-job economy.” That’s it.”

Credit has always been an indicator of confidence – in the economy, in ourselves and in our collective future. Individuals take out loans in pursuit of a vision. Lenders extend credit because they have faith – backed by data – that borrowers will be able to repay their debt.

Credit, as such, is the engine of the economy. But when people cannot access finance, whether due to unconscious biases, irregular income flows, or even a lack of credit history, it creates a handicap that leaves entire segments of the economy behind. population. It might sound like hyperbole, but many fintechs looking to disrupt the status quo do so because they recognize that there is a huge opportunity just by creating a level playing field. Access, they discover, does not imply an act of faith; it simply requires a different perspective, which is now available through alternative data and analysis.

About the Author

David Snitkof is a technology entrepreneur and data and analytics leader with a successful track record of building analytics systems, teams and businesses from the ground up. Most recently, he was head of data analytics and strategy at Kabbage, where he led a high-performance global analytics organization and developed new data products during a phase of rapid growth and expansion. Prior to that, he was a co-founder of Orchard, a pioneering data, analytics and transaction platform that accelerated the growth and institutionalization of online lending during a period of great stature and was acquired by Kabbage in 2018. Prior to Orchard, David held various leadership roles in analysis, product development and risk management at American Express, Citigroup and He is a frequent writer and speaker on financial technology, credit, and the future of data-driven businesses and their impact on society.

Responsible for leading the development of advanced analytical solutions that enable financial services companies to make high quality decisions with reliable data.

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