The Small Business Administration has told lawmakers it can reinvigorate its streamlined guarantee program by nearly tripling the maximum loan size. So far, Congress has been mum on the idea.
Loan limits for most mortgages Fannie Mae and Freddie Mac buy will exceed $500,000 for the first time ever next year, and the maximum for most high-cost areas will be $765,000.
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The fintech firm, which had made prior attempts to offer a federally insured consumer account product, said it has “no plans at this time” to become a bank.
Many lenders are establishing a firm bottom on variable interest rates amid intense competition for commercial credits, rising deposit costs and the possibility that the Fed could take rates to unprecedented lows.
The bank will continue to hold cash in sweep accounts until 2031, although at a lower rate; capital requirements could lead big banks to hold off lending.
Yale researchers have recommended several consumer banking products and services that could help those with mental health challenges manage their money.
David Becker, who founded First Internet Bank two decades ago, says traditional banks' digital-only ventures are only making his bank look more mainstream.
