Small business lending

Fintechs are rolling out business financing tools that are packaged as buy now/pay later and earned wage access in the hopes of capturing momentum from the budding consumer finance industries.

The agency says the move, which it made pursuant to a Trump directive, reverses Obama-era policies and requires banks to restore access to customers allegedly cut off for political or ideological reasons.

U.S. Bank's merchant acquiring unit has expanded its partnership with embedded finance fintech Liberis to offer its small business clients working capital loans.The two companies previously offered loans in the U.K., Ireland and Poland.

Northeast Bank and its fintech lending partner Newity have engineered a surge in 7(a) loans that has helped the Portland, Maine-based bank boost profits as tightened regulatory standards made the loans harder to get.

A coalition of consumer groups sued the Consumer Financial Protection Bureau and acting Director Russell Vought for refusing to implement a statutorily mandated small-business data collection rule that is already tied up in litigation.

A number of fintechs emerged amid the COVID-19 pandemic as a flurry of Paycheck Protection Program loan applications inundated banks. Now, the government is alleging many of them facilitated or committed fraud.

Barely two years after adopting a bank charter, NewtekOne in Florida plans to expand beyond its roots as an SBA 7(a) lender by growing its alternative loan program.

The Consumer Financial Protection Bureau cited ongoing litigation and cost benefits in extending compliance by roughly a year with reporting data on the race, ethnicity and gender of small business loan applicants.

Small businesses are essential to the ongoing prosperity of the United States, but they are not well served by the country's largest banks. For everyone's sake, that needs to change.

Hendricks County Bank loan officers are using Abrigo's Community Lending platform to help small-business loans get approval more quickly.