Merchant

Many small-business lenders have less than 18 months to figure out how to gather and report on an extensive array of data.

Critics complain a bill sponsored by the leaders of the Senate Small Business Committee would reinstate a moratorium on participation in the SBA's flagship 7(a) program by nondepository lenders. Supporters of the bill argue that widening the program could invite more fraud.

A federal judge has temporarily stopped the Consumer Financial Protection Bureau from implementing its small-business data collection rule until after the Supreme Court rules next year on whether the bureau's funding is constitutional.

One security researcher said the total number of consumers who had data stolen in MoveIt breaches exceeds 20 million, and more are expected to be reported.

The Small Business and Entrepreneurship Committee voted nearly unanimously to advance a bill that would halt a plan by the Small Business Administration to open up some of its loan programs to fintech companies.

As the Senate debates this year's defense spending package, analysts say the highly partisan politics of this Congress, as well as the banking industry's lobbying, make it difficult for Sen. Dick Durbin's, D-Ill., credit card legislation to slip through this round.

Solopreneurs are the new engine of business growth in the U.S., and banks and financial services regulators need to recognize their importance.

Isabella Guzman, the administrator of the Small Business Administration, skipped a congressional hearing called to discuss the wide disparity in the level of fraud calculated by her staff and a parallel examination conducted by SBA's Office of the Inspector General.

Two executives behind BMO's purchase of Bank of the West from BNP Paribas discuss how the deal happened and what comes next for BMO.

Wells Fargo leads $70 million funding effort targeting credit-challenged entrepreneurs; PayPal adds Tap to Pay for Venmo, Zettle; Amex names new CFO to succeed retiring veteran finance chief and more in this week's banking news roundup.