The Daily Dig for Wednesday, December 23

New York banks ID rejection hurts unbanked

Early in 2015 New York City introduced a new identification card designed to help the socially and financially marginalized. Great idea, except banks won’t accept it. Jessica Silver Greenberg and Michael Corkery report.

Generate $1 billion, pay $1 million – the tax story of UK big banks

The United Kingdom’s seven biggest banks used a series of loopholes and write-offs to pay a combined $30 million in cooperation tax in 2014. Not bad for profits of $5.3 billion, says a Reuters report.

Big banks’ strategy for competing with startups

Big banks are developing a host of apps and other products designed to help them compete with startups. The battle may be closer than you think, writes Jacqueline Emigh.

Lending Club raises rates in step with the Fed

Shortly after the Fed raised its rate by 25 bp, Lending Club followed suit. CEO Renaud Laplanche does not believe it will affect his company’s growth prospects, he explains to Telis Demos.

Recent moves question marketplace lender growth potential

Higher funding costs and investor uncertainty could squeeze the margins of marketplace lenders, writes Telis Demos.