The Coalition for Responsible Business Finance today wrote to President Donald J. Trump to outline 5 top priorities for the FinTech small business lending sector. The letter, dated February 8th, states that "as the FinTech small business sector continues to grow and become a larger provider of capital to small businesses, we encourage your Administration to take action on several items so that small businesses can further depend on financing their activities from FinTech small business lending companies."
CRBF outlined several major priorities in the letter, including as follows:
- Direct the Office of the Comptroller of the Currency (OCC) to allow certain FinTech companies to operate under a national bank charter
- Hold quarterly Inter-Agency meetings to discuss FinTech small business lending issues
- Prevent duplicative and inadequate consumer lending regulations on small business lenders
- Establish clear guidance for banks to partner with FinTech small business lending companies
- Preserve the Interest Deductibility to Encourage Small Businesses to Continue Borrowing to Finance their Activities