Small business lending

The nation's largest bank said Wednesday it is seeking proposals on ways to address economic inequality in local neighborhoods across the country.

If Gov. Jerry Brown signs the legislation headed to his desk, it would be the first law of its kind in the U.S. It is designed to allow small-business owners to make comparisons between offers in the often bewildering world of online business lending.

In a report, the watchdog said the economic environment and competition instead have driven trends in small-business lending.

Organizers of Dogwood State Bank are looking to raise $75 million in hopes of opening by mid-2019.

The USAmeriBank deal was supposed to give Valley National Bancorp a bigger presence in Florida, but it did more than that — it provided a model for banking businesswomen that Valley can copy in its New York and New Jersey markets.

The move is important for new banks in states like California, where a small-business lending program requires a three-star rating from the agency.

The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced.

The announcement follows a news report that said it routinely and without notification charged higher rates than it initially quoted.

The company defended its prices for currency conversions after a report said employees boosted rates for some business customers without notifying them.