Direct Lenders Competing With Banks for Small Business

Planned FDIC standards for tech vendors may help small banks

The banking regulator is in early discussions with trade groups to build an organization for certifying tech providers that pass voluntary due diligence checks.

Direct Lenders Competing With Banks for Small Business

A commercial loan officer at a regional bank told me something surprisingly candid a couple of years ago, right before he left banking to join a fintech lender. He said his own bank had turned down a business he personally believed deserved financing at least three times in his final year there, purely because the application didn’t fit the bank’s rigid underwriting checklist, not because the business itself was actually a bad risk. He said watc…