Bank Novo isn't a business lender (lots of firms already do that) or an account provider (it has a bank partner for that). Instead, it provides small businesses tools to track and analyze their banking activities.
The agency found that banks with less than $10 billion in assets were more prone than larger lenders to go beyond using standard criteria in evaluating borrowers.
Readers parse JPMorgan Chase CEO Jamie Dimon's latest public comments, debate a California small-lending bill, weigh the impact of open banking and more.
Few small businesses in Puerto Rico applied for credit to finance recovery from hurricane damage. The reasons are instructive for financial institutions’ response to disaster recovery, the New York Fed says.
The legislation, which creates new disclosure standards for financing costs, could hamstring commercial lenders that offer revolving credit facilities.
