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The Fed could begin tapering asset purchases as early as November. Financial regulator appointments move closer to confirmation. Ocrolus raises $80Mn for automated document verification, while Self Financial raises $50Mn for credit building products. MoneyLion begins trading. Robinhood, Revolut, and PayPal have new features and products. Consumers falling behind on BNPL. Amazon partners on SMB loans.

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Fed Ready to Taper, Debt Showdown Looms

Despite a generally improving economy, initial unemployment claims came in at 351,000. Analysts attribute the higher-than-expected number to volatility in the week-to-week data. …


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Unemployment numbers remain steady and inflation ticks down. Median household income dropped in 2020, excluding some stimulus measures. Pagaya will go public via a SPAC. Goldman buys POS lender GreenSky. Chase and Capital One consider BNPL offerings. Square deepens merchant-consumer integration. QED raises $1.05Bn for fintech investments. Oportun gets a new credit facility. Stripe may go public next year.

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Unemployment Steady as Inflation Cools (Slightly)

Initial unemployment claims rose slightly last week but remain near pandemic lows, despite fears of a slowing economic recovery from the surging Delta variant.


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Initial unemployment claims hit a new low, despite more than 10.9Mn jobs remaining open. Several pandemic-related unemployment programs ended last week. Consumer spending decelerates amid Delta. Opinions on a second term for Fed Chair Powell vary. CFPB makes cases against an ISA provider and small-dollar lender. BNPL for rent startup raises $23Mn. Varo’s charter pays off. PayPal buys a Japanese BNPL, while Revolut plans its own. Amazon POS for SMBs in the works.

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New Unemployment Low; 10.9Mn Open Jobs; “Benefits Cliff”

Initial unemployment claims hit a fresh low of…


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New unemployment claims continue to drop though employers are still struggling to hire. The CFPB proposes a data collection rule for small business loans. Gary Gensler says banning payment for order flow is an option. API stock platform Alpaca raises $50Mn. Banks eased underwriting criteria at a record pace in Q2. Affirm partners with Amazon. PayPal may add stock trading. Square launches a paid invoicing product. Klarna expands its partnership with Global-e.

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Macro Picture Steady Despite Delta Headwinds

Initial claims for unemployment dropped last week to 340,000, despite a…


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GDP and employment continue to grow, despite Delta fears. Fed is ‘long way’ from a digital dollar. Ramp raises $300Mn, while Brex launches a venture debt product. DriveWealth raises $450Mn to power “Robinhood competitors.” Fiserv announces partnerships. Klarna hits US milestone as credit losses increase. Sezzle readies IPO. Afterpay launches ads, merchant analytics.

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As Stimulus Fades and Unemployment Programs Wind Down, Are Americans Ready to Get Back to Work?

GDP growth for Q2 was revised upward, to 6.6%, but data this month suggests the Delta surge is driving a…


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Initial unemployment claims dropped for the fourth straight week. Fed officials could begin trimming easy money policies by fall. Retail sales and consumer confidence slide in July. A bipartisan Senate bill would modernize SBA lending. Plaid extends Series D with J.P. Morgan, Amex. Upstart announced a $575Mn convertible note offering. Chime raised (another) $750Mn, and Aspiration plans to SPAC. Albert adds checking. Wells Fargo keeps personal lines of credit, while PayPal scraps BNPL late fees.

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Unemployment Claims Continue to Drop, Setting Stage for Reduced Fed Support

Initial claims for…


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Inflation remained elevated in July, but there are signs price increases are slowing. Unemployment continues to drop and job openings exceed 10Mn. Banks plan for excess deposits to stick around. Upgrade raises $105Mn. BNPL grow through differentiation, acquisitions. Brex withdraws its charter application. California reaches a deal on ISAs.

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PeerIQ’s Opportunity to Help FDIC Modernize the U.S. Banking System

We are excited to share that PeerIQ has been selected by the FDIC to participate in the next phase of the FDIC Rapid Phased Prototyping competition. We are humbled to…


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Unemployment claims continue to drop, slowly, as Fed officials debate when to taper support for the economy. Demand for credit is returning. Acting Comptroller Michael Hsu testifies on OCC’s priorities. Student loan payment break extended. LendingPoint completes $542MM securitization. Square buys BNPL player Afterpay. Figure merges with a mortgage originator.

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Unemployment Dropping, Slowly but Surely

Initial unemployment claims came in at 385,000 last week, meeting expectations. Continuing claims dropped to just below 3 million, the lowest since the beginning of the pandemic.

ADP’s July payroll report showed just 330,000…


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Delta fears shrink GDP forecast, but employment picture is steady. The Fed stays the course on rates and asset purchases. BNPL maintains momentum. Embedded fintech Sila and homeownership startup Landis raise. Citizens buys Investors Bancorp. Small banks may lose in overdraft fight. Robinhood’s tough first day.

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GDP Forecast Dims on Delta; Jobs Growth Steady

Expectations for GDP growth in the back half of 2021 are shrinking on Delta variant concerns.

Goldman Sachs’ latest forecast cut its growth projections for Q3 and Q4 by 1% point due to a slower…


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While there were some market jitters early in the week, the macroeconomic picture remains promising. Key banking regulators begin an overhaul of the Community Reinvestment Act. Crypto continues to draw scrutiny. Senators want to cap loans at 36% APR. Robinhood will offer up to a third of its shares to its users. Square adds SMB banking.

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Markets Turbulent, Growth Expected to Continue

The fastest pace of growth is likely behind us, economists surveyed by the Wall Street Journal said. They estimate the US economy expanded at a 9.1% seasonally…

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