Dec. 2 - SBA releases PPP small-borrower data | LendUp's digital bank eyes emerging middle class
LendUp's new digital bank targets emerging middle class; Visa, crypto startup BlockFi team up on card giving 1.5% back in Bitcoin; Fed, Treasury to extend 4 lending facilities to March 31; JPMorgan, Lloyds express interest in buying Starling
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A federal judge rejected the agency's request for a full stay on the disclosure. Five media organizations sued the SBA in May to divulge the data, but the agency cited concerns over borrower privacy.
"Our customer aspires to be established in the middle class," said LendUp CEO Anu Shultes, who will also head a subsidiary called Ahead Financials. "They are not there yet."
The announcement comes a day after the currency hit a record value, which may boost the intrigue of potential users. The move also may reflect a softening stance toward crypto by the card network.
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The move follows a recent rift between the two agencies over unused coronavirus aid funds and comes as Treasury Secretary Steven Mnuchin and Fed Chair Jerome Powell both testify before Congress.
The British challenger's CEO said in May she "didn't start a bank to sell out to the big boys." But buying Starling would give JPMorgan a 1.8 million-customer head start on building a U.K. digital platform from the ground up.
The automaker's previous lending arm, GMAC, held an ILC charter until 2008, when the Federal Reserve gave emergency approval for it to become a bank holding company amid a trio of government bailouts worth $17.2 billion.
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