Alt-Finance Sees Trump Bump on Prospect of More Lenient Watchdog -- WSJ

Dow Jones

2024-11-06

Donald Trump's Wednesday morning victory sent crypto stocks soaring. Other forms of alternative finance saw a boost too.

Among the big gainers were startups Dave Inc. and MoneyLion, banking apps that offer $500 cash advances to new users. Both companies have been in hot water with regulators, but their stocks surged as investors widely expect Trump-and the Consumer Financial Protection Bureau chief he appoints-to take a more hands-off approach to regulation.

The FTC sued Dave Tuesday evening, alleging it used misleading marketing tactics and charged hidden fees. The market wasn't deterred-shares were up 22% as of Wednesday's market close. MoneyLion was embroiled in a CFPB suit in 2022, in which it was accused of overcharging consumers. Shares were up 18.5% at the close Wednesday.

Buy now, pay later lenders Affirm and Sezzle also saw big gains. BNPL companies have been top of mind for the CFPB-the watchdog in May issued an interpretive rule categorizing them as credit card providers, and Affirm in July submitted a letter opposing the rule.

Sezzle was up 18% and Affirm was up 9.6% as of Wednesday's market close.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

November 06, 2024 16:36 ET (21:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Other forms of alternative finance saw a boost too. \n</p>\n<p>\n     Among the big gainers were startups <a href=\"https://laohu8.com/S/DAVE\">Dave Inc</a>. and MoneyLion, banking apps that offer $500 cash advances to new users. Both companies have been in hot water with regulators, but their stocks surged as investors widely expect Trump-and the Consumer Financial Protection Bureau chief he appoints-to take a more hands-off approach to regulation. \n</p>\n<p>\n     The FTC sued Dave Tuesday evening, alleging it used misleading marketing tactics and charged hidden fees. The market wasn't deterred-shares were up 22% as of Wednesday's market close. MoneyLion was embroiled in a CFPB suit in 2022, in which it was accused of overcharging consumers. Shares were up 18.5% at the close Wednesday. \n</p>\n<p>\n     Buy now, pay later lenders Affirm and <a href=\"https://laohu8.com/S/SZL.AU\">Sezzle</a> also saw big gains. 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The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 06, 2024 16:36 ET (21:36 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"AFRM","symbol_name":"Affirm Holdings, Inc.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2481575829","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481575829","pubTimestamp":1730928960,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Donald Trump's Wednesday morning victory sent crypto stocks soaring. 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