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Fintech and Transparency in Small Business Lending: Testimony of Joyce Klein to the House Small Business Subcommittee on Oversight, Investigations, and Regulations
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LendingClub Bank Supports Paycheck Protection Program Loans
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LendingClub and Leading Financial Services Companies Launch the American Fintech Council
American Fintech Council to Focus on Responsible Innovation and Advance Inclusion in Financial Services
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SAN FRANCISCO, March 3, 2021 /PRNewswire/ LendingClub Corporation (NYSE: LC) announced today that the Marketplace Lending Association (MLA), which it co-founded, will merge with the Online Lending Policy Institute ( OLPI ) to form the American Fintech Council ( AFC ). The mission of AFC is to promote policies that advance responsible innovation and inclusivity within financial services. As a founding member of the MLA, LendingClub advanced initiatives that promoted an inclusive and customer-friendly financial system in which responsible innovation of products and practices cultivate better financial health outcomes for all Americans, said Armen Meyer, Vice President of Public Policy at LendingClub. The creation of the AFC is a
Oftentimes it’s a lot less visible.
Based on the West Side of Chicago, Accion Serving Illinois and Indiana is a revolving loan fund for small businesses. It primarily makes microloans defined as small business loans of $50,000 or less to borrowers who otherwise may only have access to predatory lenders. Its average loan size is $8,000. Nearly 40 percent of its clients are Black, more than 20 percent are Latino, and three-quarters are low-to-moderate income.
Around the fifteenth of every month, the team at Accion compiles their monthly financial report, and when it does it also looks at its forecast for the next three months of loan demand. If they don’t have enough liquid cash to cover that, they might have to to borrow more a painstaking process even for them, and it can take a month or longer. They might already be at their borrowing limit, which is based on the overall size of the fund. Another option is to sell some loans out of their portfolio, the way housing lend