By cutting back on paperwork requirements and regulatory red tape, policymakers can unleash the power of community banks to spur lending and economic growth.
Eastern Bank developed its own online lending platform to compete with the likes of Kabbage and OnDeck. It might now be able to cash in by licensing to other banks.
If offering a national regulation option to fintech players is the carrot, compliance with commonsense borrower protections could be the stick in promoting responsible financial innovation.
With loans of $100,000 or less, the typical bank breaks even or loses money. But one Florida community bank is betting faster turnaround times on small-business loans can help the bottom line.
Independent members of HopFed Bancorp's board sent a letter to Joseph Stilwell complaining that their largest investor had rebuffed several efforts by CEO John Peck to schedule a meeting.
