All articles tagged with #small business lending
Originally Published 27 days ago — by Bloomberg.com
PayPal has applied to become a bank in the US to enhance its small-business lending and offer interest-bearing savings accounts, leveraging a more favorable regulatory environment under the Trump administration, with potential approval from federal agencies.
Originally Published 2 years ago — by Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) has finalized a rule requiring lenders to collect and report information about small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. The rule will work in concert with the Community Reinvestment Act to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. The increased transparency will benefit small businesses, family farms, financial institutions, and the broader economy. The rule will cover diverse forms of credit by all types of lenders, including non-depository financial institutions, and will provide a comprehensive view of small business lending. The rule will phase in implementation for the largest lenders first, and lenders with strong records of service will be given extra time to comply.