Sen. Chuck Schumer, D-N.Y., wants the Consumer Financial Protection Bureau to nix plans to halt checks on lenders' compliance with the Military Lending Act. The CFPB has said that it is not required to proactively monitor lenders and that borrowers can file complaints as suspected violations arise.
Rep. Kyrsten Sinema, D-Ariz., has been elected to the Senate seat held by the retiring Sen. Jeff Flake, a Republican. Sinema sits on the House Financial Services Committee and supported regulatory relief efforts for banks.
Phyllis Borzi, a former Labor Department official who played a key role in drafting the now-vacated fiduciary standard, is concerned the Securities and Exchange Commission is overlooking rollovers of 401(k) assets into other investment products as it works on protecting investors from questionable advice. Consumers may not be making informed choices when deciding where to invest retirement assets, she said.
Palantir Technologies, which has never made an annual profit in the 14 years since it was founded, is talking with banks about an initial public offering that could come next year. The company's latest funding round, in 2015, valued it at $20 billion, but major backer Peter Thiel has sold shares privately in transactions based on a significantly lower valuation.
Adina Tecklu, an investor at early-stage venture capital firm Canaan Partners, aims to change "the narrative of what a successful venture capitalist looks like" and to provide funding to exceptional startup founders who ordinarily wouldn't have access to capital or who are creating businesses that aren't easily understood by VCs. "There's a lot of good in our industry, but we definitely have room for improvement," she said.
Sojern, a startup that creates and manages marketing campaigns for the travel industry, raised $120 million in its most recent funding round. The money will go to an expansion of its services on platforms such as connected TV.
Chinese travel startup Tongcheng-eLong at one point said it expected to raise $1 billion in a Hong Kong initial public offering, but when confronted by a weak market, it cut the figure to $233 million. The revised offering could get the company a value as high as $3.65 billion.
BlaBlaCar, a French carpooling service, has raised $114 million from French national railway SNCF and previous investors to buy Ouibus, a bus service previously run by SNCF. BlaBlaCar says owning Ouibus opens the door to working with other bus companies throughout Europe.
XM Cyber, an Israeli startup that uses artificial intelligence to guide automated responses to cyberattacks, raised $22 million in its most recent funding round. CEO and co-founder Noam Erez says the capital will be used to expand the company's sales, marketing and engineering efforts.
Guardian Optical Technologies, an Israeli computer vision startup, raised $2.5 million to press ahead with current projects, including a system that uses artificial intelligence to monitor what's going on inside cars. The Toyota-backed Mirai Creation Fund led the round to which this capital is an extension.