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POLITICO
How the GameStop frenzy sabotaged a bid to ‘democratize’ finance
The episode with Robinhood Financial has unearthed a growing sentiment on the left: “Fintech” is just a fancy word for everything they already hate about finance.
In this photo illustration, the Robinhood logo is displayed on an iPhone on December 17, 2020 in San Anselmo, California. | Photo illustration by Justin Sullivan/Getty Images
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Democrats have long been conflicted over financial technology companies like online lenders, praising the flashy upstarts for their ability to help lower-income Americans build wealth yet wary of the risks they pose to unsuspecting consumers.
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With Daniel Lippman
FALLOUT FROM CAPITOL BREACH DOWNTOWN: Condemnation of Wednesday’s deadly insurrection at the Capitol continues to pour in from the business community, even as rioters’ violent breach of the House and Senate chambers did not ultimately deter lawmakers from certifying President-elect
One might assume an online lender like LendingClub Corp (NYSE: LC) verifies the income of borrowers in 100 percent of transactions. But this isn t even close to the case, according to Bloomberg report.
LendingClub verified the income around just a third of the time for one of the most popular. Read More.