Even with significant resources at their disposal, big banks still struggle to crack the code on optimal customer experience. Why? It's tough work that requires innovation and creative freedom to test new concepts. And too often regulators are used as an excuse to avoid that work. Although regulators and regulation exist to prevent the kinds […]
FinTech on the Hill Update Regulatory Relief Gets a Bipartisan Boost Ever since the Dodd-Frank financial services reform bill became the law of the land, the heavy hand of federal regulation remains a constant weight on the shoulders of community and regional banks across the United States. Lending suffers, the cost of capital increases and […]
Congress Looks to Fintech to Solve Small Business Capital Access Concerns On Thursday, October 26th, Mirador CEO, Trevor Dryer, testified before the House Small Business Subcommittee on Economic Growth, Tax, and Capital Access in a hearing titled, “Financing through Fintech: Online Lending's Role in Improving Small Business Capital Access.” During his testimony, Dryer discussed […]
IRS Modernization: Bipartisanship Still Exists This week a team of bipartisan Members of Congress and Senators introduced legislation to modernize an antiquated process used by the IRS to verify income. As our CEO Trevor Dryer discussed in a BankThink article for the American Banker, pulling a tax transcript to verify income of a small business involves faxing and […]
As July in Washington ends with high drama and spectacular political drama, much of the day-to-day work occurred with little fanfare. Congress is working to overturn a rule finalized by the Consumer Financial Protection Bureau (CFPB) limiting the use of arbitration clauses in financial products. Concerns related to the cost associated with this limitation and […]
Financial Services and Banking Update for June 2017 Housing finance reform took center stage the month of June. An area that both Republicans and Democrats view as needing reform, experts debated the need to move Fannie Mae and Freddie Mac out from under the Federal Government's conservatorship. Despite an agreement to the need for reform, […]
A new report released by the Treasury Department further proves what many of us already know: CDFIs provide financial services to the most underserved communities across this country. According to an article published in the American Banker about the report, clear evidence exists for continuation of the Bank Enterprise Award Program (BEA Program) which provides monetary […]
Small business lending continues as a favorite topic with policymakers in Washington, DC. As the Trump Administration adds staff and nominates individuals for key policy positions, some key posts were vacated this month. Discussion on the future of the Consumer Financial Protection Bureau persist while the Bureau pushes forward with their efforts to obtain data […]
Our recent op-ed, Killing CDFIs would make a bad situation worse for businesses, was featured in an open letter from Representative Velazquez and Senator Shaheen to Steven Mnuchin, Secretary, Department of the Treasury, and Mick Mulvaney, Director, Office of Management of Budget. The letter detailed the concerns of the congresswomen and their constituents, specifically the concern […]
Despite interest from the Trump White House in ending Treasury funding for CDFIs, the Congress passed a 2017 funding measure that not only continues funding CDFIs, but also boosted the available funds for the federal revolving loan fund used by these entities. The bill passed by Congress was sent to the President and signed into […]