Congressman Cleaver Calls On The CFPB To Investigate �FinTech� Lending Companies – Lee’s Summit Tribune
Congressman Cleaver Calls on the CFPB to Investigate �FinTech� Lending Companies – Lee’s Summit Tribune
Emanuel Cleaver II
Congressman Emanuel Cleaver, II sent a letter to the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, requesting an investigation into FinTech or financial technology companies and whether their small business lending algorithms are discriminatory.
�FinTech lending companies are part of an alternative and fast-growing industry that makes financial loans to small businesses but they also pose many new risks,� said Congressman Cleaver.
FinTech companies essentially cut-out the �middle man� for many entrepreneurs seeking to start their own business. Examples of FinTech companies include; Prosper, Biz2Credit, Kabbage, and FundBox. Many of these companies use …