Missouri Congressman Launches Investigation On FinTech Lending Companies


Missouri congressman launches investigation on FinTech lending companies

Rep. Emanuel Cleaver, II (D-Missouri) has launched an investigation on small business FinTech lending, which includes online companies with payday loan-like products for small businesses and individual consumers.“FinTech lending companies, also known as alternative small-business lending, are a fast-growing industry offering a new wave of innovation—and also pose many new risks,” Cleaver said in a news release.The congressman sent a letter to various emerging FinTech small business lenders with questions on their company products, fees and methods on disclosures and potentially discriminatory practices. Their responses are expected by August 10.Cleaver’s concern stems from the vulnerability of …

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