A Democratic member of the House Financial Services Committee is asking five fintech companies for detailed information about their services to small businesses, disclosures and services to minority-owned firms.
In asking for the information, Rep. Emanuel Cleaver (D-Mo.) said that he fears that some fintech companies are discriminating against minorities and taking advantage of borrowers. And, he added, the companies are not subject to the examinations required for community banks and credit unions.
"Fintech lending companies, also known as alternative small-business lending, are a fast-growing industry offering a new wave of innovation—and also pose many new risks," Cleaver said.
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