Marketplace lender DirectMoney has signed a non-binding term sheet with a "major Australian financial institution" to establish a A$20 million loan sale facility. The parties are entering due diligence and if the deal proceeds DirectMoney will be able to sell eligible loans to the institution for three years. Last month the company announced that it was referring loan applications to another lender because of a funding shortfall. Earlier this year Alden Toevs announced that he was stepping down from his role as chief risk officer at Commonwealth Bank - a position he held for eight years. Yesterday Toevs revealed that his new job at the CBA is chief risk officer emeritus - a role that may be unique in banking. Speaking at a Centre for International Finance and Regulation banking research showcase, which CBA hosted, Toevs said he had the freedom to pick projects that interested him. On his agenda are risks in the use of big data and the application of behavioural economics in financial decision-making.