Somerset Trust in rural Pennsylvania has partnered with RoamHR, a financial platform that assists the self-employed, to add tax-withholding help for contract and temporary workers to the bank's services.
Tresl CEO Christine Pierson says the specialty finance firm has turned challenges into opportunities during the pandemic, including expanding recruitment nationally since new hires can work from home.
Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say.
The increased use of technology, along with holistic data points, can eradicate racial and gender disparity for fintech lenders in small business, says Become’s Eden Amirav.
Financial firms could lose access to data that’s critical to their businesses if Congress passes a privacy bill. To change lawmakers’ minds, they need to show how data in the right hands has the power to improve customers’ lives.
The Conference of State Bank Supervisors, banking law scholars and consumer advocacy organizations filed amicus briefs siding with the New York State Department of Financial Services in its court battle with the federal regulator.
The legislation proposed by Rep. Nydia M. Velázquez, D-N.Y., goes further than recent state efforts to require better disclosures for high-cost lenders, but it would face an uphill battle in the GOP-controlled Senate.
