INDUSTRY NEWS

Wells Fargo Asset Management Unveils Brand Redesign

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As part of Wells Fargo’s recent branding campaign and redesign, Wells Fargo Asset Management launched a new brand initiative to provide clients with a more integrated, consistent product and solutions-focused experience.

Crestmark Provides $43.9MM+ to 78 Businesses in H1/April

Crestmark provided more than $43.9 million in commercial financing to 78 businesses in the first half of April 2019. Those financings included a total of $10.25 million in ABL financial solutions for 13 new clients; more than $7.48 million in four new lease transactions from Crestmark Equipment Finance; over $5.83 million in 56 new lease transactions from Crestmark Vendor Finance; and $20 million+ in financing for five new clients from the Government Guaranteed Lending Division.

FDIC Issues Guidance to Member Banks Regarding Fintech Partnerships

The Federal Deposit Insurance Corporation issued a Financial Institution Letter reminding its member banks with less than $1 billion in total assets to account for the risk posed by the use of technology service providers in the event of a cessation of operations or data breach.

Liberty Capital Reaches $150MM Funding Milestone

Liberty Capital Group passed a milestone for fund provision since entering the market in November 2010, with the level of small business loans, advances and equipment financing delivered to small businesses passing $150 million. The capital to achieve that milestone is provided through a combination of direct funding, syndication and a network of lenders across the nation.

Balboa Capital Opens Fifth Office in Ontario, CA

Balboa Capital opened a new office in Ontario, CA to accommodate its growth. The new space is located in the Centrelake Plaza, a 114,000-square-foot, six-story office building. This is Balboa Capital’s fifth office, in addition to locations in Scottsdale, AZ, Spokane, WA, and San Ramon, CA and its headquarters in Costa Mesa, CA.

Rinaldi Relaunches Legends/Pioneers Video Series, Diversions Blog

Industry veteran Bob Rinaldi, president of Bob Rinaldi, relaunched his popular streaming video interview series of pioneers and legends of the equipment finance industry, on the “Leasing Avenues” section of his blog. Rinaldi also introduced a second blog on his website devoted to what he calls “self-care” under the heading “Diversions.”

Six Oakmont Capital Employees Achieve CLFP Designation

Six Oakmont Capital Services professionals – Sean Eidle, Tracey Elfering, Jen Foulds, Elise Linn, Michael McElroy, and Amanda Town – achieved the coveted Certified Lease & Finance Professional designation awarded by the CLFP Foundation, joining seven of their colleagues who already hold the title.

Equifax, FICO Enter Strategic Partnership, Introduce Data Decisions Cloud

To increase velocity for deploying predictive models, FICO and Equifax introduced the Data Decisions Cloud, an end-to-end data and analytics suite that addresses key needs across risk, marketing, and fraud to enable financial institutions to more quickly meet the needs of consumers.

Wells Fargo Named to 2019 LinkedIn Top Companies List

LinkedIn named Wells Fargo to its 2019 Top Companies list, which honors the 50 most sought-after companies in the U.S. The LinkedIn Top Companies list is derived from a blended score looking at factors such as interest in the company, engagement with employees, job interest, and retention. Wells Fargo ranks No. 25 on the list.

First American EF Named #1 Best Midsize Company to Work for in New York

First American Equipment Finance was named #1 Best Midsize Company to Work for in New York by Best Companies Group. Additionally, FORTUNE and Great Place to Work ranked First American as a the #1 Best Small/Medium Workplace in Financial Services and Insurance.

FinTech Breakthrough Names CIT Best Personal Finance Company of 2019

CIT Bank, CIT Group’s national online bank, was selected as the winner of the Best Personal Finance Company award by FinTech Breakthrough, an independent organization that recognizes the top companies, technologies and products in the global fintech market.

OnDeck Offers Same Day Funding to Small Business Customers

OnDeck will offer to fund and debit customer bank accounts with same day ACH transfers, eliminating a decades long pain point for small business owners accustomed to the traditional ACH transfer process, which can take multiple days and lacks certainty on when the transactions will hit bank accounts.

Penske Opens New Commercial Electric Truck Chargers in SoCal

Delivering on its commitment to develop electric vehicle charging infrastructure at its facilities, Penske Truck Leasing has opened commercial heavy-duty electric vehicle charging stations with 14 high-speed chargers at four of its existing facilities in Southern California. The company’s near-term plan includes adding at least six more chargers, bringing the total number to 20. •