The agency’s advance notice of proposed rulemaking, which would require banks to evolve with technology, shows foresight that policymakers too often lack.
Members of the Small Business Committee signaled backing for broadening Paycheck Protection Program access for the smallest companies, encouraging participation by nonbank lenders and other improvements.
Small businesses that took out the loans will soon be applying for forgiveness; U.S. Secretary of State Pompeo and one of HSBC's large investors criticized the bank for buckling to Chinese pressure.
The Department of Financial Services is going live with DFS FastForward, which aims to help innovators in finance, healthcare and insurance consult directly with regulators on specific compliance issues.
Former Comptroller of the Currency Joseph Otting landed a post with Black Knight, which provides technology solutions to mortgage and real estate companies.
The agency sought industry feedback on a host of potential changes to ensure that rules are “sufficiently flexible and clear in light of the technological advances that have transformed the financial industry over the past two decades."
Recent steps that would help nonbank lenders enter the traditional banking system, like a proposal clarifying the industrial loan company charter, are needed but face strong opposition.
The new product, which comes as an earlier partnership with the online lender Kabbage is sputtering, figures to appeal to companies with tight cash flows.
