The CFPB today issued its long-awaited proposal for implementing Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.
The Small Business Administration today clarified that its Paycheck Protection Program direct forgiveness portal remains optional for lenders and borrowers, although SBA encouraged lenders to opt-in to the program, which it said has accepted more than 600,000 applications in under a month.
Non-employer firms—those without full-time or part-time employees on payroll—that sought Paycheck Protection Program funding most frequently did so from large or small banks over online lenders, credit unions, or nonbank finance companies, according to findings from the Federal Reserve’s Small Business Credit Survey’s non-employer report released earlier this week.
Between 2019 and 2020, traditional financing declined among both non-employer and employer firms as the COVID-19 pandemic began, according to Small Business Credit Survey figures released today by the Federal Reserve Banks.
The OCC today issued a bulletin for community banks engaged in Small Business Administration lending activities.
As the small business recovery took off in the second quarter, a substantially larger share of banks reported easing standards for business loans, continuing the easing trend seen in the first quarter of 2021, according to the senior loan officer opinion survey released by the Federal Reserve today.
As small and middle market businesses seek to capitalize on a post-COVID bounceback, new survey research from Umpqua Bank shows that the business outlook is positive as firms have made substantial changes to respond to COVID.
The Small Business Administration today released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below.
The more that banks can be proactive in preparing for inquiries, the better they will be able to defend themselves.
From its origins as one of the original “mobile banks” in the 1990s—designed to serve truckers across the country through a network of truck stops—TAB Bank has evolved into an innovative digital bank serving businesses across sectors and around the country.