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KeyBank expands commercial banking to Chicago and Southern California

American Banker

The Cleveland-based bank now has commercial lending teams in both markets, including a team it recently hired away from Huntington Bancshares.

Chicago 81
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Mezu trumpets privacy with new mobile P2P app

Payments Dive

As consumers become more conscious about which companies they share sensitive information with, a Cleveland-based company has launched a mobile person-to-person app that adds a level of anonymity its co-founder and CEO believes is missing from the market.

Cleveland 279
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US DOJ Charges 14 With $28M In PPP Fraud

PYMNTS

Levy, 50, of Bedford, Ohio; and Abdul-Azeem Levy, 22, of Cleveland, Ohio. 46, of Cleveland, Ohio; and Bern Benoit, 44, of Burbank, California. Augustin, 51, of Coral Springs, Florida; Wyleia Nashon Williams, 44, of Fort Lauderdale, Florida; James R. Stote, 54, of Hollywood, Florida; Ross Charno, 46, of Fort Lauderdale, Florida; Deon D.

Fraud 276
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New Study Suggests Online Lenders Target Vulnerable Consumers

PYMNTS

The Federal Reserve Bank of Cleveland issued new research on the online lending market showing that borrowers end up in more debt than consumers who don’t utilize this method of borrowing. The researchers used data from TransUnion for the study, pinpointing 90,000 borrowers who took out online loans from 2007 to 2012.

Study 100
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Fed's Mester says further rate hikes will depend on incoming data

American Banker

Federal Reserve Bank of Cleveland President Loretta Mester said Friday's jobs report didn't change her view that the labor market remains strong, and that further interest-rate hikes will depend on additional incoming data.

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

PYMNTS

The Detroit-based company is expected to market a reduced number of shares at about $18 to $20 apiece, Bloomberg reported, citing sources. 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.

Cleveland 233
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Fed Sees Possible Path To ‘Direct Issuance’ Of Digital Dollars

PYMNTS

Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America. Digital dollars could make the leap from concept to reality, but there might be a few ways to get there.

Cleveland 330