Today’s Daily Dig helps you catch up from the long weekend with reports on P2P, banking fees, crowdfunding and politics. 36 days ’til the next one.
Consolidation in the cards for US mortgage lenders
Declining profits and increased scrutiny have made mortgages too cumbersome for small players. Look for this to stimulate talk of mergers and acquisitions, writes Tracy Alloway.
Landbay joins England’s real estate P2P scene
Piketty book incites debate
Capital in the Twenty-First Century, Thomas Piketty’s new book that touches on income equality, has stimulated passionate discourse on both his methods and the topic as a whole. Some are questioning what they believe is Mr. Piketty’s selective use of findings that he admits are hard to validate. Mark Melin reports.
Tweet this: Hedge funds look to social media for an edge
Michael Lewis, here’s the idea for your next book. Deep in the corridors of nondescript office buildings, armies of computer-savvy technicians pour over social media feeds and create algorithms in an attempt to gain a trading edge that their competition does not have. Mark Melin has the lurid details.
Political agendas put Title III at risk
While the committee tasked with working on Title III is trying to find reasonable solutions, political agendas and higher priorities put equity crowdfunding in the United States at risk, even though it is working elsewhere, writes Richard Swart.
Meanwhile, due north, equity crowdfunding is progressing
Regulators in Canada’s largest province are encouraging crowdfunding and are working to enact it. Graham King and Kyle Denomme describe how the Ontario Securities Commission is moving forward.
How poverty affects the brain: infographic
46.5 million Americans live below the poverty line. This infographic from bestpsychologydegrees.org describes some of the side effects they experience.
The view from England
The fact that very little of the money that is deposited in banks, and the money banks borrow from each other, is loaned to small businesses explains why P2P is so successful. It is also why it will be around for a long time, suggests Anthony Hilton.
Mastercard to partner with Pakistani government to distribute assistance to unbanked
90% of Pakistan’s 179.2 million people are unbanked. Mastercard and the Bank of Punjab are partnering to deliver government assistance through payment cards. No word on associated fees, however. Originally posted in Albawaba.
How much does your local banks make in fees each year?
Magnify Money has the answer, and includes the tale of the Fort Hood National Bank, which focuses on lending to military families, often from Walmarts. They take in $1.3 million per branch, with much of the from overdraft fees. Happy belated Memorial Day.
Financially vulnerable to get free banking in Canada
The Canadian government will announce today that seniors with low incomes and other people with limited incomes will be able to bank for free, according to the Canadian Press.
Lobbyists curbing bank reform – IMF
Speaking at a conference in London, IMF Managing Director Christine Lagarde said that “fierce industry pushback” explains the slow pace of reform. Huw Jones reports.