Insights into the world of small business lending and development
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.