U.S. Representative Nydia Velázquez (D-NY) is calling on lawmakers to address predatory lending to small businesses (SMBs), The Washington Post reported on Thursday (June 27). Velázquez spoke during a House Small Business Committee hearing in Washington, D.C., pointing specifically to the use of confessions of...
The New York state legislature will rule this week whether to move forward with a borrower protections bill for small businesses (SMBs), as allegations of predatory practices by merchant cash advance firms raise new concerns about mistreatment of small business borrowers, The Washington Post. The...
The Federal Trade Commission has launched an investigation into the merchant cash advance industry just days after FTC Commissioner Rohit Chopra called on the watchdog to tackle unfair small business lending practices. The Washington Post reported late last week that the FTC has opened an...
Heightening efforts among policymakers across the globe to expand customer protections in the financial services (FinServ) space have largely left small business (SMB) banking and lending untouched. While small business lending has become a platform for some high-profile FinServ scandals in several markets, opponents of...
July 29, 2019
Proposed regulations would give small businesses in California the nation’s most extensive set of truth-in-lending protections for small business borrowers. The new rules were released on Monday (July 29) by the Department of Business Oversight (DBO) and seek to protect the state’s 4 million small businesses from predatory lending practices, according to a press release […]
