The SBA's new nonbank lenders; Mint shutdown is good for banks
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
SBA's newly licensed nonbank lenders will focus on growth: This week the Small Business Administration followed through with a controversial policy change by granting access to its flagship 7(a) program to three additional nonbank lenders. These new participants vowed to ramp up their small-business lending efforts.
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Mint's shutdown is an opportunity for banks: The 16-year-old site struggled to monetize, but experts said personal financial management products should focus on engagement.
FSOC finalizes nonbank designation rule, reversing Trump-era move: The Financial Stability Oversight Council enhanced its powers to designate nonbank financial institutions as systemically important Friday, emphasizing transparency and the need to protect financial stability.
Read more on bank regulation: New CRA rule will 'stand the test of time': Fed's Michael Barr
Big Tech companies' latest forays into financial services: Amazon, Apple, Meta, Alphabet and X have all been ramping up their ability to offer payments services, loans and other traditional bank products.
9 new AI moves in the payments industry: Companies such as Visa and Mastercard , as well as banks and retailers, are stepping up their investments in artificial intelligence to reach small businesses and spot new uses.
Read more on payments: Jack's back: How Square's founder plans to right the ship
Know a dynamic woman leader in the payments industry? It’s time to apply for the annual Most Influential Women in Payments awards.
Minnesota sues out-of-state tribe over loans with annual rates of 500%: The lawsuit by state Attorney General Keith Ellison is the latest challenge to high-cost loans by tribal lenders. The lenders argue that tribal sovereignty gives them immunity from such lawsuits.
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1yThe SBA's embrace of nonbank lenders and the FSOC's policy reversal signify a pivotal shift in finance, moving us towards a more inclusive and technologically integrated landscape. These changes go beyond expanding services; they reflect a deeper evolution in financial access and delivery. The closure of services like Mint underscores the need for sustainable fintech business models that prioritize resilience. As tech giants enter finance, we must consider not only competitive dynamics but also the stewardship of consumer data and ethical algorithm use. These narratives are threads in a larger tapestry, weaving together a picture of a financial sector at the cusp of transformation. It's a moment for thought leaders to reflect on the future we're shaping—one that harmonizes growth with equity and stability in our digital age.
Founder, CEO, and Financial/ Digital Transformation Executive
1yThought provoking, but is startups like Mint didn’t take a big risk (relative to large tech/ large banks), then innovation would never occur.