The U.S. Small Business Administration failed to provide lenders with “sufficient, specific guidance to effectively identify, track, address and resolve potentially fraudulent [Paycheck Protection Program] loans,” a new report by the SBA Office of the Inspector General found.
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In an environment of hiring challenges, cost inflation, supply chain woes and post-pandemic recovery, small business owners are busier than ever. “Sometimes small business owners don’t even have time to spend with their families,” says KeyBank SVP Kristyn Squires. “So when we spend time with them, it needs to be compelling.”
Community banks in oil and gas towns grapple with the future of climate risk supervision.
Lending standards for business loans remained largely unchanged in the first quarter of 2022, according to the Federal Reserve’s senior loan officer opinion survey released today.
To help accelerate the growth of Secured Overnight Financing Rate options trading, CME Group today announced a new “SOFR First for Options” initiative that will kick off in June.
The Treasury Department’s Community Development Financial Institutions Fund today awarded $26 million to 158 FDIC-insured banks through the fiscal year 2021 round of the Bank Enterprise Award Program.
As the CFPB looks to implement Section 1071 of the Dodd-Frank Act—which calls for the collection of small business lending data—Rep. Nydia Velazquez (D-N.Y.) this week introduced H.R. 7351, an American Bankers Association-advocated bill that would amend the Consumer Protection Act to give the CFPB supervisory authority over nonbanks making small business loans.
Two reports released today by the FDIC provide data on consumer lending, deposit rates and branch closures in the wake of the COVID-19 pandemic.
For many smaller banks, having a credit-sensitive component that reflects their cost of borrowing is critical. They need a rate that reflects their credit risk.
While financial services firms are “largely on track” for a successful transition away from Libor, half of them are still facing challenges related to systems and operations readiness, according to a new survey from Bloomberg.