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BANKING NEWS

A surprising obstacle in small biz lending fax machines

By Trevor Dryer | Tuesday, August 24, 2021

No movie scene conveys society’s frustration with old-school office hardware better than the famous one in “Office Space” — in which a group of disgruntled co-workers destroy their company’s fickle printer with baseball bats.

These days, bankers may feel similarly about their fax machine, a relic that predates the digital age but is still making loan processing difficult.

Fax machine use has declined to the point where many offices no longer have them at all. Electronic communications are infinitely faster and more efficient. However, one diehard fan of faxed communication still exists. It will surprise no one to hear that that holdout is the Internal Revenue Service.

This preference isn’t merely inconvenient and out-of-step with modern business practices. When the IRS documents are transmitted via fax, it slows down lending to a degree that may threaten small business’ livelihood. It also introduces an unfair advantage to unregulated digital marketplace lenders, who aren’t bound by the same antiquated rules and therefore can act with greater speed. The result? An unequal playing field among lenders, higher lending costs for small businesses and a competitive landscape that doesn’t operate as efficiently as it could. All because of the lowly fax machine…

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With the stroke of a pen Donald Trump will wave goodbye to the DODD Frank Act

Forbes

By Antoine Gara | Tuesday, August 24, 2021

When taking the White House, President Donald Trump vowed to do a “big number on Dodd Frank,” the sweeping banking legislation put in place by the administration of President Barack Obama in response to the 2008 financial crisis. President Trump called Dodd Frank “a disaster” that has impeded growth by making it harder for banks to lend to consumers and small businesses. Still in his second week in office, Trump is making good on his statement.

On Friday afternoon he signed an executive order, which he said would dramatically scale back the Dodd Frank Act…

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