SBA 7(a) loans are getting smaller
Since the end of the Small Business Administration’s 2022 fiscal year, the average loan size in its flagship program has dropped more than six figures. The addition of three new nondepository lenders could further drive down this figure.
Top 20 SBA lenders for 2023
Small Business Administration lending is an arena where community banks and nonbanks compete favorably with some of the largest U.S. financial institutions. Here are the biggest SBA 7(a) lenders based on the value of approved loans.
Bank of America’s $1.5 billion deal casts doubt on Texas energy ‘boycott’ label
At first blush, the deal might provide evidence that the bank doesn’t shun the oil and gas industry as the label suggests. In fact, Bank of America has been named by environmental groups as one of the biggest financiers of fossil fuels in the world.
Phasing out paper statements? Citi’s stumble holds lessons for others
A recent effort by Citigroup to nudge certain customers toward digital-only statements was well intended but too punitive, observers say. The key, they argue, for banks seeking to cut costs or achieve other goals is to offer incentives to those with ingrained habits.
CFPB, regulators boost thresholds for Truth in Lending standards by 4.5%
The Consumer Financial Protection Bureau, Federal Reserve and other banking regulators rolled out their annual adjustments for the thresholds that determine whether activities eligible for enhanced standards.
Texas AG Ken Paxton says banks need to avoid politics to win state business
Last month, his office started a review of whether 10 financial companies, including Bank of America Corp. and JPMorgan Chase & Co., violate a state law passed in 2021 that punishes firms for limiting work with the oil and gas industry because of environmental concerns.
Senate Republicans ask regulators to withdraw Basel III proposal
Senate Banking Committee ranking member Tim Scott, R-S.C., released one of his first major public bank policy pushes in months after formally suspending his presidential campaign.
Sen. Tim Scott drops out of Republican presidential race
After disappointing polling and an inability to break through in a crowded primary race dominated by former president Donald Trump, Senate Banking Committee ranking member Tim Scott, R-S.C., said he is suspending his campaign.
Basel endgame will drive up costs for American farmers and consumers
For decades, farmers have relied on futures contracts to hedge their risk. The proposed new capital rules will make it more expensive for them to continue with this vital function.
U.S. Bank is leaning on Elavon for BNPL reach
The bank is adding fintech-style buy now/pay later lending to other recent payment upgrades at its merchant acquiring unit.