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.
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.”
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.
The Small Business Administration’s strategic goals for FY 2022-2026 include providing an equitable and customer-centric delivery of programs to small businesses, building resilient businesses and a sustainable economy, and implementing strong stewardship of resources, according to a strategic plan released this week.
Small Business Administration Administrator Isabella Casillas Guzman told bankers today at the American Bankers Association’s Washington Summit that to help small businesses, the country needs to return to work.
The American Bankers Association and a coalition of trade groups today urged congressional leaders to increase the authorization level for the Small Business Administration’s 504 loan program. Demand is expected to reach the program’s authorization cap of $7.5 billion in early summer, likely June.
Ultimately, bankers must meet businesses where they want to bank—whether it’s in-person, desktop or mobile—and deliver the same experience across all channels.
Three GOP lawmakers today raised concerns about the CFPB’s pending rulemaking to implement Section 1071 of the Dodd-Frank Act.
Amid persistent inflation and supply chain kinks, small businesses are finding more and more that “cash is king,” especially as their suppliers are likelier to ask for cash up front.
Small and midsize business lending fraud in the U.S. increased 6.9% in 2021 from a year earlier, according to a recent study from LexisNexis Risk Solutions.