Kennedy, Cramer Resume Attack on “Political” Lending Decisions
Continuing efforts to prevent what GOP policymakers including Senate Banking Ranking Member Toomey (R-PA) have recently derided as “woke capitalism,” Sens. Kennedy (R-LA) and Cramer (R-ND) yesterday introduced legislation to prohibit the federal government from entering into contracts with banks that “discriminate” against lawful businesses based solely on social policy considerations.
FRB-NY: Fintech PPP Lending Essential to Minority, Smaller Borrowers
A series of Federal Reserve Bank of New York blog posts takes take a deep-dive into PPP lending, concluding that PPP’s impact varied greatly depending on the applicant’s location and race and that fintechs were a key channel for reaching borrowers who would not otherwise have received a PPP loan.