WASHINGTON – Sens. Chuck Grassley (R-Iowa) and Joni Ernst (R-Iowa) joined Sens. Tim Scott (R-S.C.) and John Kennedy (R-La.) to introduce the Protecting Access to Credit for Small Businesses Act. The legislation prohibits the Biden administration from making the Small Business Administration (SBA) a direct 7(a) lender, which would force community banks and credit unions to compete with the federal government. The president included this proposal in his Fiscal Year 2025 budget request.
Largely driven by bad actors using fabricated or stolen identities, the newly released TransUnion (NYSE: TRU) 2024 State of Omnichannel Fraud Report, based on proprietary insights from TransUnion’s global intelligence network, found that nearly one in seven newly created accounts is suspected to be Digital Fraud. This may represent a shift in tactics by fraudsters hoping to engage earlier in the transactional process.
The Federal Trade Commission is sending more than $10 million in refunds to consumers who paid for a real estate investment training program that allegedly made empty promises about earning big profits “flipping” houses.
Many have been shackled by overwhelming credit card debts simply because their monthly expenses are much more than they earn. Credit card holders can go on a shopping spree without the present funds to make payments.
The coalition submitted a letter to Congress against the legislation citing its harm to businesses and consumer communication while supporting efforts to stop bad actors making illegal calls.
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