The Consumer Financial Protection Bureau has published its interim final rule, and the Supreme Court has ruled. The agency is moving forward with its plan to collect small business lending data from lenders. Data collection will begin on October 1, 2024, and compliance reporting will commence on June 1, 2025. Beta testing starts in August.…

July 2, 2024 Delaney SextonContributing Editor Join SBA’s 7(a) Connect Quarterly Update on July 9th SBA’s 7(a) Connect Quarterly Update call is scheduled for Tuesday, July 9th at 3:00 pm ET. Here’s the draft agenda: LGPC – Joe McClure on 7aQuestions, nondelegated topics and turn times Secondary Market team – Marybeth Kerrigan on updates to SBA Form…

July 2, 2024 Delaney SextonContributing Editor A Landmark Merger: AmPac Business Capital and Enterprise Funding Corporation Unite to Revolutionize SBA 504 Lending in the Inland Empire Hilda Kennedy, Founder and President of AmPac, expressed her enthusiasm for the merger, highlighting the strategic growth opportunities it presents. “By joining forces with Enterprise Funding, we are poised…

July 2, 2024 Delaney SextonContributing Editor SBA 504 Lending Stats by Race For fiscal year 2024, these are the lending statistics by race as of July 1, 2024:

July 1, 2024 Delaney SextonContributing Editor First Bank of the Lake Promotes Annemarie Murphy to Chief Lending Officer, SEVP and Elected her as Director of FBOL Bancshares, Inc. “Annemarie has been an integral part of the Bank’s success since she started in August 2019,” states Mike Anderson, Chairman, President & CEO. “She’s grown the SBA…

July 1, 2024 Delaney SextonContributing Editor Steve Coughlin Joins Metropolitan Solutions Group as Director of Operations for Laboratories, Training, and Occupational Health David Spinazzolo, President and CEO of Metropolitan Solutions, says, “Steve Coughlin brings strong military and civilian business management and leadership experience to deliver optimized solutions across the board for our Navy and Maritime…

July 1, 2024 Delaney SextonContributing Editor SBA 7(a) Lending Stats by State For fiscal year 2024, these are the lending statistics by state as of June 30, 2024:

June 28, 2024 Delaney SextonContributing Editor Former President of SouthernTrust Bank Pleads Guilty to Falsifying Records – Fraud Friday “The lack of professional responsibility demonstrated by Steven Cook diminishes the faith consumers place in the banking process,” says FBI Springfield Field Office Acting Special Agent in Charge Shannon Fontenot. “Financial fraud is a serious crime…