18 Dec Regulations to protect SME’s within the Fintech landscape
A report from the Federal Reserve bank of Cleveland underlines the need for sharp regulations to standardize clear terms on alternative financing. A survey among small business owners revealed complex finance agreements.
Under the law, commercial-credit borrowers are viewed differently from consumer borrowers. Business borrowers, deemed more financially savvy than the average consumer, are not protected under the majority of consumer protection laws. For instance, credit extended primarily for business purposes is not covered by the disclosure requirements of the Truth in Lending Act.
Read the complete findings here
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