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Rocket Trims IPO By 39 Pct From $3.3B To $2B After Investors Reject Valuation

PYMNTS

Rocket Companies, the parent of mortgage lending giant Quicken Loans , reduced its terms to go public, Bloomberg reported. Gilbert, owner of the Cleveland Cavaliers and founder of Quicken Loans will retain 79 percent of the voting power of the company’s common stock through controlling entities, the SEC filing shows.

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Online Lending And A Tale Of Two Fed Studies

PYMNTS

Online consumer lending – in a variety of forms – has grown explosively over the last decade. The recent release of a study by the Cleveland Federal Reserve has managed to increase the decibel level of that debate. Cleveland’s Dark Outlook. But paired with other data, the news looks pretty grim.

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[Q&A Series] The Future of Healthcare: Momentum

Perficient

In this series, hear from two of Perficient’s healthcare thought leaders – Chief Strategist and General Manager of Healthcare, Juliet Silver , and General Manager of Digital Health Solutions, Paul Griffiths – as they discuss healthcare’s future. Cleveland Clinic saw 10 times the increase in volume from consumers.

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Payroll Fraud Could Cost KeyCorp $90M

PYMNTS

In a K-8 filing, KeyCorp, which is based in Cleveland, said the fraud involved a “business customer” and that it was discovered “on or about” July 9. An analyst at Baird said the revelations were “unfortunate” but “manageable.”. Shares fell on the news. The event occurred in the beginning of Q3. KeyBank’s five-year, $16.5

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Key looks to offload risk in deal with Blackstone

American Banker

The Cleveland-based regional bank is shedding credit risk in a partnership with the private equity giant Blackstone. It's the latest tie-up between asset managers and regional banks that are looking to free up balance-sheet capacity.

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Afraid of Small Business Lending? Mid-Market Lenders Shouldn’t Be

FICO

Mid-market banks and credit unions traditionally lend to many small businesses. In fact, 75% of small businesses that are customers of small banks or credit unions are “highly satisfied” with their lending relationship, according to a survey at the Federal Reserve Bank of Cleveland. The post Afraid of Small Business Lending?

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Subscriptions, AR Automation, PPP Loan Forgiveness Top This Week’s News

PYMNTS

Hurdles connected with managing accounts receivable (AR) processes have become more troubling with the onset of COVID-19, as companies now must find alternative ways to handle functions that were historically conducted manually in office settings. Pandemic Pushes 70 Pct of Businesses to Automate Accounts Receivable.

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