Survey Suggests Banks Spend Over 20 Hours on Each Suspicious Activity Report
A new survey of large U.S. banks found they spend an average of 21.41 hours for every suspicious activity report they file. That is significantly more than the Financial Crimes Enforcement Network’s (FinCEN) estimate of 1.98 hours. The data was submitted in response to a request for comment from FinCEN under the Paperwork Reduction Act on changes to the suspicious activity report form.
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SBA Grants Final Approval to Non-Bank 7(a) Lender
The Small Business Administration (SBA) granted a small business lending company license to Funding Circle. Last April, the SBA issued a final rule that removed the cap on the number of non-depository lenders allowed to participate in the 7(a) program and introduced a new type of small-lending company called Community Advantage Small Business Lending Companies to make 7(a) loans.
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