In News Roundup

Each week we take a look at the biggest stories in FinTech. Here’s our latest roundup!

Madden v. Midland Defendants File Appeal with Supreme Court
(JD Supra)
The defendants in Madden v. Midland Funding, LLC have filed a petition for certiorari with the U.S. Supreme Court, asking the Court to decide whether the preemption of state usury laws under Section 85 of the National Bank Act (NBA) continues to apply to loans made by a national bank after the bank has sold or otherwise transferred the loans to another entity.

Lending Company Earnest Raises $275 Million As FinTech Remains In The Spotlight
With a whopping $275 million in equity and debt financing, the next-generation lending company Earnest now has the firepower and strategic partners to become a more full-service financial services firm.The lending segment of the financial services industry has been one of the areas that has attracted the most interest from venture investors with mature companies like SoFi raising a massive $1 billion round from Softbank Capital earlier this Fall and younger lenders like CommonBond raising $35 million in the same period.

President Obama’s Small Business Scorecard
(Washington Post)
With President Obama’s last year in office on the horizon, the Washington Post’s Gene Marks takes a look at how the Commander in Chief handled the most important issues for small business owners throughout his presidency.

Banks and Fintech Firms’ Relationship Status: It’s Complicated
(The Wall Street Journal)
Financial technology – or “fintech” – upstarts have drawn billions of dollars in investments on the premise that they will shake up finance the way Uber or Airbnb have shaken up the taxi and hotel industries. But despite a variety of setbacks ailing big lenders – from billion-dollar mortgage fines to low, profit-sapping interest rates – banking has proved a tougher business to crack. After years of staking out combative positions, many would-be challengers are rethinking their relationships with the likes of J.P. Morgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc.

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