| As FinTechs Line Up at PPP
Trough Community Reinvestment Act Should Apply
Inner City Press Says
By Matthew
Russell Lee, Patreon
BBC
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BRONX / SDNY,
April 14 – So-called fintech
firms like Square
and Kabbage have been trying
to get into the banking field
without complying with the
Community Reinvestment Act,
which would measure and
require their minimal fairness
to low- and moderate-income
communities.
In this
evasion they have been
assisted by the US Comptroller
of the Currency Joseph Otting,
who has been attacking
CRA ever since he was outed
submitting fake comments to
support the sale of his
OneWest Bank to
CIT.
Now under the
Paycheck Protection Program
Square is bragging about
having been approved to make
SBA loans; Kabbage says the
same, through through a fig
leaf fiction with Celtic Bank.
So why are there any CRA
requirements on these lenders
getting into this government
program? Inner City Press /
Fair Finance Watch has been
raising the issue for week,
including to Congressional
leadership. #TreasureCRA. Now
we are compiling formal
comments for submission to the
SBA, on their already final
but still "interim" rule.
Watch this site.
***
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