Articles and Publications
The following articles and publications highlight the need for small business borrower protections.
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Rep. Velazquez (D-NY) remarks in House Financial Services Subcommittee on Consumer Protection and Financial Institutions Hearing: "Small Businesses, Big Impact: Ensuring Small and Minority-Owned Businesses Share in the Economic Recovery." February 18, 2022
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Sen. Menendez's (D-NJ) remarks in Senate Banking Committee Hearing: "The Coronavirus Crisis: Next Steps for Rebuilding Main Street." February 24, 2021
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Forbes: "Delivering Loan Transparency For Small-Business Owners," by Carolina Martinez, CEO of CAMEO. July 12, 2023
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The Hill Op-ed: "It’s time to shine a light on small business lending," by Joyce Klein, Senior Director of the Aspen Institute’s Business Ownership. July 11, 2023
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CT Mirror: "CT considers ‘truth in lending’ rules for some fintech companies," March 29, 2023
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NYS Department of Financial Services: "Superintendent Adrienne A. Harris adopts updated regulation for disclosure requirements for commercial financing," February 3, 2023
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CA Attorney General: "Attorney General Bonta: California Financing Disclosure Laws Are Not Preempted by Federal Law," January 20, 2023
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The City: "'New York Businesses Say Cash Advance Firms Sent Threats and Looted Bank Accounts," September 21, 2022
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American Banker: "'States take different paths on small-business loan disclosures," April 12, 2022
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The Hill: "We protect individuals from predatory lending practices — why not small businesses too?," February 16, 2022
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Forbes: "Why Lending Transparency Matters For Small Businesses," February 2, 2022
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Sen. Menendez's (D-NJ) holds press event in New Jersey to announce the Small Business Lending Disclosure Act of 2021. November 22, 2021
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Pymnts.com: "Small Business Owners, FinTechs Back Federal Truth in Lending Bill," November 23, 2021
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Bloomberg Law: "'Square, Paypal, face cost disclosures for small business loans," October 14, 2021
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American Banker: "'The second way' to close the wealth gap," February 4, 2021
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WNYC: "New York adopts 'truth in lending' protections for small businesses," January 8, 2021
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Albany Business Review: "New state law magnifies the fine print on small business lending," December 29, 2020
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The New York Senate: "Senator Thomas & Assemblyman Zebrowski's Landmark Small Business Truth in Lending Act Signed into Law" December 24, 2020
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The Batavian: "'Gov. Cuomo signs bill to protect small businesses getting loans to survive COVID-19 and other emergencies," December 24, 2020
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Bloomberg Law: "'Cuomo Signs N.Y. Small Business Lending Disclosure Law," December 24, 2020
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American Banker: "'N.Y. law requires nonbanks to disclose loan terms to small businesses," December 24, 2020
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The Journal News: "'Gov. Cuomo, sign the Small Business Truth in Lending Act | Opinion," December 16, 2020
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Ithaca Journal: "'Ithaca small businesses deserve truth in lending," November 21, 2020
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Kingston Wire: "'Opinion: Minority-owned businesses need financial clarity now," November 19, 2020
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Westchester & Fairfield County Business Journals: "'Westchester small businesses deserve truth in lending," October 26, 2020
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HuffPost: "'The Debt Is Like A Mountain': How Online Lenders Prey On Small Businesses," October 21, 2020
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Albany Business Review: "Guest column: New law would protect small businesses," October 15, 2020
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Opportunity Finance Network "Policies to Require Transparency in Small Business Lending Gain Momentum," October 14, 2020
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Rochester Business Journal: "Rochester small businesses deserve truth in lending," October 9, 2020
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The New York Times: "Help Black Small Businesses Recover," October 1, 2020
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Small Business Majority: "Small Business Owner Submits Testimony on Experience with Predatory Lending," September 15, 2020
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Forbes: "11 Things Small Businesses Need To Know About Online Lending," September 22, 2020
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House Committee on Small Business: "Velazquez Pushes for More Transparency and Accessibiity in Fintech Space for Small Business Lending," September 9, 2020
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Bloomberg Law: "'California's 'Mini-CFPB Law May Extend to Small Business Loans," Sept. 2, 2020
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Buffalo News: "Another Voice: New York small businesses deserve truth in lending," August 31, 2020
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Bloomberg Opinion: "Here's One Way To Help Small Businesses Survive," August 18, 2020
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The Hill: "As small businesses struggle to survive, let's make sure loans help, not harm them," August 3, 2020
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American Banker: "House bill aims to rein pricey small-business loans," July 31, 2020
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Banking Exchange: "New York Passes 'Truth in Lending' Act for Small Businesses," July 27, 2020
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The Batavian: "NYS Small Business Truth in Lending Act passes legislature, supporters hope Cuomo signs it into law," July 24, 2020
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Bloomberg Law: "New York Passes Small Business Lending Disclosure Bill," July 24, 2020
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Forbes: "Five Ways To Optimize Your Business’ Financial Health During The Current Times," July 17, 2020
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Forbes: "15 Critical Questions Business Leaders Should Ask Before Seeking Outside Funding," June 15, 2020
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Bloomberg Quint: "Not All Small Business Lenders Are the Same," May 12, 2020
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Empowering Strategies: "Saint Paul District Council Takes Action Against Predatory Lending," April 1, 2020
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Pymnts.com: "SMBs’ Online Lending Surge Raises Borrower Protection Concerns," December 30, 2019
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Wall Street Journal: "Small Businesses Rush to Borrow Online, Sparking Fears of High Rates, Costly Terms," December 30, 2019
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Forbes: "'Buyer Beware' Is No Way To Fund A Small Business," December 6, 2019
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Luz Urrutia: "Let the Sunshine In—Data is the key to helping small businesses access better financing. Here’s how," December 1, 2019
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Nydia M. Velázquez: "Committee Advances Velázquez Bill to Stop Predatory Small Business Loans," November 14, 2019
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Bloomberg: "Ban on Predatory-Lending Tactic Passes House Finance Committee," November 15, 2019
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Ron Wyden: "Wyden Introduces Legislation to Protect America’s Small Business Owners from Predatory Debt Collection," November 14, 2019
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Sacramento Business Journal: "Another Voice: California Must Protect Small-Business Owners from Predatory Lenders," October 4, 2019
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American Banker: "Praise and Scorn for California's New Business Loan Disclosure Plan," August 18, 2019
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PYMNTS: "CA Proposes Lending Regs To Protect SMB Borrowers," July 29, 2019
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University of Michigan: "Barr Explains Need for Consumer Protection for Small Businesses in Video with Business Forward," July 25, 2019
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Washington Post: "U.S. Urged to Stop Predatory Lenders ‘Crippling’ Businesses," June 27, 2019
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Gwendy Brown: "This is How We Can End Predatory Practices in Small Business Lending," May 2019
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Al Día: "U.S. Hispanic Chamber Gives Endorsement to Small Businesses," March, 2019
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Bloomberg: "Sign Here to Lose Everything," March 2019
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Bloomberg Businessweek: “Sign Here to Lose Everything: Part 4,” December, 2018
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PaymentsSource: “ISO Lending Needs Regulation to Balance Risks and Rewards,” December, 2018
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NJ.com: "Alternative business lending in N.J. should be regulated. I should know, I’m a lender,” December, 2018
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Aspen Institute: “We Need Transparency and Fairness in Small Business Lending,” December, 2018
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Bloomberg Businessweek: “Sign Here to Lose Everything: Part 3,” November, 2018
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Bloomberg Editorial Board: "Protect Small Businesses from Predatory Lending," November, 2018
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Bloomberg Businessweek: “Sign Here to Lose Everything: Part 1,” November, 2018
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Bloomberg Businessweek: “Sign Here to Lose Everything: Part 2,” November, 2018
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The Hill Op-Ed: "California Passes Historic Truth in Small-Business Lending Law — Congress Should Take Note," October, 2018
The Hill Op-Ed: "California Passes Historic Truth in Small-Business Lending Law — Congress Should Take Note," October, 2018
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ValuePenguin: “California Looks to Change Small Business Lending Practices,” October, 2018. |
American Banker: “California Gov. Brown should sign new bill to protect small businesses,” September, 2018
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American Banker: “Small-Business Borrowers on Verge of Consumer-Style Protections in Calif.,” September, 2018
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CALmatters: “My turn: Protect small businesses from predatory lending,” September, 2018
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Silicon Valley Business Journal: “Why I slipped on a suit to make small-business lending better,” September, 2018
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Bloomberg BNA: “Calif. Small-Business Loan Disclosure Bill Gains Steam,” August, 2018
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McClatchy: "Even Finance Whizzes Say It’s Impossible to Compare Online Small Business Loan Options," June, 2018
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McClatchy: “Their bakery faced a cash crisis. The solution nearly cost them the business,” June, 2018
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Small Business Majority: "Small Business Owners Support Policies Promoting Access to Responsible Lending," May 2, 2018
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Small Business Majority: "Small Business Owners Concerned with Predatory Lending, Support More Regulation of Alternative Lenders," December 12, 2017
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Nerdwallet: “It’s the ‘Wild West Out There,’” October, 2016
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MarketWatch: “Treasury Dept. calls for more oversight of online lending industry,” May, 2016
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Huffington Post: “The Promise and Perils of Online Lending,” May, 2016
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Governing: “Illinois May Target Predatory Lending to Small Businesses,” April, 2016
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Forbes: “How A 4,058% APR Inspired Small Business Lender Able's New Products,” April, 2016
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Forbes: "Why Online Small Business Loans Are Being Compared to Subprime Mortgages," December, 2015
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Forbes: “Why Online Small Business Loans Are Being Compared To Subprime Mortgages,” December, 2015
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PublicCEO: “How to Address Predatory Small Business Lending in Your Community,” December, 2015
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New York Times: “Lawmakers Ask for Information About Online Lenders,” November, 2015
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Bloomberg: “How Two Guys Lost God and Found $40 Million,” October, 2015
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The Aspen Institute: “Why We Need a Small Business Borrower’s Bill of Rights,” August, 2015
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Locavesting: “Can a Borrowers’ Bill of Rights Tame the Wild West of Online Lending?” August, 2015
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Nerdwallet: “Going Online for a Small-Business Loan? Focus on the APR,” July, 2015
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Inc.: “How Short-Term Lenders Keep You on the Hook,” August, 2014
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Inc.: “A New Group of Alternative Lenders: Investment Lenders,” July, 2014
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Inc.: “Beware of Sharks: New Rules of Fast Cash,” May 2014
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Bloomberg: “How Much is Too Much to Pay for a Small Business Loan,” May, 2014
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Bloomberg: “Wall Street Finds New Subprime with 125% Business Loans,” May, 2014
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Wall Street Journal: “Ami Kassar: Know the True Costs of Short-Term Online Loans,” May, 2014
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Bloomberg:
“Forget the Algorithms. Get Me a Loan Broker!” April, 2014 |
Bloomberg:
“Brokers Get Big Commissions for Selling Entrepreneurs Costly Loans,” March, 2014 |
Buynance: “Stacking: Merchant Cash Advance Funders Jeopardize Main Street,” February, 2014
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Wall Street Journal: “Alternative Lenders Peddle Pricey Commercial Loans,” January, 2014
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