WASHINGTON – The Federal Deposit Insurance Corp. is launching a survey this month to collect data on the small-business lending practices of insured banks.
In a web-based survey administered by the U.S. Census Bureau, financial institutions will be asked about the profile of their small-business borrowers, the types of credit offered to them and how commercial lending stacks up as a business line.
The FDIC will gather data from banks of various sizes, location profiles and business models. The agency will also ask about banks' consumer transaction accounts through in order to learn more about efforts to bridge the banking divide.
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Synchrony Financial, the credit card lender that was recently spun off from General Electric, is considering an expansion into small-business lending.
May 17 -
The partnership with OnDeck will allow the megabank to approve and fund loans in as little as a day, according to CEO Jamie Dimon. Meanwhile, OnDeck is eyeing similar partnerships with other banks.
April 12
Institutions that have been chosen to participate will receive a letter at the end of the month.
