Rep. Cleaver Queries Alt SMB Lenders | PYMNTS.com


Rep. Cleaver Queries Alt SMB Lenders | PYMNTS.com

One U.S. lawmaker has begun to inquire about SMB alternative lending practices, according to JD Supra news reports.
Rep. Emanuel Cleaver II (D-Mo.) has reportedly sent letters to five alternative SMB lending companies with questions regarding borrower protections, anti-discrimination efforts, transparency and other factors.
“While FinTech lending can create the opportunity for more small business credit, I’m concerned that some FinTech lenders may be trapping small business owners in cycles of debt or charging higher rates to entrepreneurs of color,” Cleaver wrote. Reports said he is paying particular attention to the payday lending industry servicing small businesses via …

Read more…

CATEGORIES
Share This
Comodo SSL