Fintech Future Coalition Statement SBA’s Response to the House Select Committee on the Coronavirus Crisis Report

When the Covid-19 pandemic hit and Congress and the Small Business Administration needed to get assistance to families and businesses who desperately needed it as fast as possible, the fintech community answered the call. Responsible fintechs transformed their operations, innovated, and reached communities that are so often left behind by traditional financial institutions.

While the House Select Committee Report on the Coronavirus Crisis confirmed that compliance and fraud prevention was not the former Administration’s priority, fintechs with bank partnerships held the line and constantly pushed to maintain the highest standards possible.

This report clearly shows the benefits of partnering with innovative fintech companies that are committed to transparency, accountability, and regulation and the risks when bad actors try to take advantage of the system.

Bank-partnered fintechs have been working closely with the SBA since the program launched in 2020 and ensured that their processes and procedures conformed to SBA rules. We believe that the role bank-partnered fintechs played during PPP is a model for how government can work with innovative private sector companies to deploy capital and help Americans, particularly those in low-income and underserved communities, receive the support they need to survive and live their dreams.

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About Fintech Future

Fintech Future supports innovators breaking down traditional barriers to capital to ensure millions of Americans can easily and responsibly access the resources they need to realize their dreams. By leveraging the latest technology, fintech creates economic justice and opportunity by delivering nimble and scalable financial, lending, and payment solutions for families and small businesses.

Through advocacy, public policy and coalition building, Fintech Future is committed to working with community leaders and organizations, government partners and regulators to support equal access to financial services while supporting policies and efforts that ensure the highest levels of compliance, accountability, and consumer protection.

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For more information visit: https://www.fintechfuturecoalition.org