Linda McMahon is planning to step down from leading the Small Business Administration to help raise money for President Donald Trump’s re-election campaign, according to people familiar with the matter.
Karen Mills, who led the Small Business Administration from 2009 to 2013, is joining the Eastern Bank spinoff Numerated as an adviser and investor as it tries to bring online-lending technology to community banks.
The Small Business Administration should consider partnering with fintechs, which have the capacity to approve loans quickly, to help avoid the kind of application backlog the agency faced after the last government shutdown.
The Salt Lake City company, which connects small-business owners with lenders like JPMorgan and BofA, plans to use the funds to expand its partnerships and customer base.
The objectives of a Financial Crimes Enforcement Network rule requiring financial institutions to collect “beneficial ownership” details are laudable, but the regulation can be subverted by unscrupulous customers.
The former head of Heritage Oaks Bancorp says she relishes a chance to reinvent Luther Burbank, a thrift that wants to make more commercial loans — a shift she has deftly orchestrated before.
