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As FinTechs Like NewTek Snub Small Business While At PPP Trough CRA Should Apply Inner City Press Says

By Matthew Russell Lee, Patreon
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BRONX / SDNY, April 25 – 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. Now they're at the Paycheck Protection Program trough, along with NewTek. is (mis) serving small businesses in many communities; look for example here at the City of Detroit's PPP website, where it is listed among lenders willing unlike Chase and Bank of America to take non customers - well, some of them. Here's a sample complaint:

"Contacted my bank today to follow up again. Got the website for newtekone, the lender handling the majority of applicants for the PPP. I called them, verified the app submitted on Apr 3rd was rec'vd Apr 6th. 1099 & sole proprietor had to wait until 10th to apply. By the time we could apply the program ran out of $$ days later and I still haven't even received the full application by email yet 17 days later. Newtekone confirmed today I'm in queue & should still receive the application."

 And thus are small business jobs lost, as with Junior's in Brooklyn and Times Square for other reasons. But why are lenders like NewTekOne at the trough, without oversight?

 In fairness, NewTekOne says, "Newtracker is fully transparent, allowing our referral partner to follow a referral from cradle to closing. Partners also receive periodic reporting in addition to creating an easily accessible audit and compliance trail." Transparency only to referral partners? We say, more oversight, and CRA - or oust them. And others.

 These evasions of CRA 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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