Community bank leaders at an ABA-hosted meeting questioned the timing for a new accounting standard for loan losses and discussed their struggles to keep pace with new technology.
At a forum convened by the CFPB, several bank and fintech executives argued that long-delayed rules required under the Dodd-Frank Act can help fight discrimination and shine a light on unsavory practices in the market for small-business credit.
The more things change in small-business lending, the more they stay the same, going back as far as 3,000 years. But in this book excerpt, Karen Mills, former head of the Small Business Administration, predicts momentous changes ahead.
The state's Democratic-controlled Legislature has enacted laws establishing data privacy rights, giving municipalities the ability to set up public banks, and requiring standardized disclosures on small-business loans, among other issues. Lawmakers elsewhere are taking notice.
Sunil Chandra's job will be to guide the fintech's international expansion. It says 12 banks are using its small-business lending platform, including three in the United States.
