ABA President and CEO Rob Nichols announced today that ABA has joined a lawsuit filed by the Texas Bankers Association and McAllen, Texas-based Rio Bank challenging the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act.
Lending fraud with small and midsize businesses has increased significantly over the last 12 months, and many financial institutions expect it to get worse, according to a new survey by LexisNexis Risk Solutions.
The CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act represents major change to how banks process and handle small business loans, taking what in many banks is a bespoke, tailored financial product and requiring a whole new way of doing business.
The Alternative Reference Rates Committee has approved a document containing best practice recommendations for using the CME Group’s Term SOFR rates, which the ARRC endorsed in 2021.
For many small business owners, the first step on the credit ladder is the hardest, and they may miss opportunities to build business credit and grow their business while relying on personal credit instead. Jevaughn Sterling talks about Zions Bancorporation’s Small Business Diversity Banking Program.
The CFPB released a long-awaited final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses, including women-owned and minority-owned small businesses.
Lending standards for most business and consumer loans tightened during the fourth quarter of 2022, with weaker demand reported in almost every category, according to the Federal Reserve’s senior loan officer opinion survey released this week.
ABA expressed opposition to the Small Business Administration’s proposal to lift the moratorium on the number of non-depository lenders in the 7(a) program in a comment letter submitted this week.
The advantages of committing to a single platform to integrate delivery of multiple banking services for businesses.
For U.S. businesses, lagging indicators may be at odds with leading indicators like business sentiment. “The headlines we see in the market can sometimes be inconsistent with what we see on the ground,” says Stephen Philipson, head of commercial products at U.S. Bank.