Kabbage settles $120M PPP fraud case; "Bank of Dave"
Dave Fishwick, founder of Burnley Savings and Loans in the UK and subject of the hit Netflix movie "Bank of Dave." Chris Williams

Kabbage settles $120M PPP fraud case; "Bank of Dave"

Dave Fishwick of 'Bank of Dave' has a new nemesis: Payday lenders. The real-life British banker behind the hit Netflix movie 'Bank of Dave' talked with American Banker about the sequel due out next year and why opening more local community banks is so important.

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Kabbage, a bankrupt fintech lender, settles PPP fraud case with DOJ: The small business lender's bankrupt shell has agreed to pay up to $120 million in connection with allegations that its verification processes for Paycheck Protection Program loan applications were faulty. The government argued that Kabbage reaped larger fees by enabling fraudulently inflated loans.

More consumers are maxing out their credit cards: New York Fed. The number of borrowers who are at their credit limits is approaching its pre-pandemic level, and the percentage of balances that are sliding into delinquency has hit its highest rate in more than a decade, according to new research. Still, card companies are generally expressing optimism about their credit outlooks.

Read more: BankThink: CDFIs are steadily becoming a bigger cog in the financial system.

How a Minnesota bank is jumping into the earned wage access market: Stearns Bank in Saint Cloud is working with the on-demand payment technology firm Reset to launch an earned-wage card for blue collar and immigrant families struggling with access to money.

Read more: The rising pressures on credit card issuers

Bankers more optimistic about loan growth this year: Executives also say funding pressures have begun to ease, though high interest rates and deposit costs remain a leading worry, according to new surveys.

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How about them padding.

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Todd H Baker

Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting

9 个月

Bankruptcy folks…how did the former owners and American Express who bought the productive assets avoid liability for any of this? #bankruptcy

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