Here are what I consider to be the top 10 most important fintech news stories of the past week.
TD Bank sues Plaid for trademark infringement, false advertising from American Banker – Well this isn’t good. American Banker is reporting that TD Bank has sued Plaid for trademark infringement and false advertising. And Zach said at LendIt 2 weeks ago that they were getting along just fine with big banks…
Or will CBDCs destroy banking? from The Finanser – I love this article from Chris Skinner about Central Bank Digital Currencies (CBDCs) and the future of banking. He perfectly summarizes why banks will still be important even if CBDCs dominate the future: “The role of banks is to store value, with trust”. Banks are good at that.
Insights: COVID-19 Performance Report, Volume 14 from dv01 – The team at dv01 continue to do great work on their biweekly performance reports. These are going to be such a valuable historical record of this time period. Volume 14 out this week shows a continued decline in total impairments.
Enova of Chicago completes $122 million purchase of OnDeck Capital of NYC from Chicago Business Journal – The first big fintech deal of the pandemic closed this week with shares of OnDeck no longer trading on the NYSE.