PayPal Launches Maggie Lena Walker Award
The award is named in honor of the first Black woman to charter a bank and serve as its president in the U.S. and will recognize and promote the achievements of underrepresented women who are economically empowering those in their communities. Nominations will be accepted through July 16.
SBA Reconvenes the Council on Underserved Communities
In conjunction with the Biden-Harris Administration’s agenda, the restoration of the Council will help support the SBA’s prioritization of equity across its programs and initiatives. the SBA is soliciting nominations from members from the public with a deadline of Tuesday, July 20, 2021.
OCC’s True Lender Rule Undercuts Banking Regulations and Enables Predatory Lending
The OCC override of the true lender rule will allow payday lenders to claim preemption through “rent-a-bank” partnerships with banks that allow them to circumvent state usury laws. The Senate has voted to repeal the override through the Congressional Review Act; a House ruling is pending.
Source: The Brookings Institution
American Express Commits More Than $100 Million To Small Business Campaign
American Express announced that it has launched its new “Let’s Go Shop Small” campaign with more than a $100 million commitment to inspire consumers to support small businesses worldwide through its year-round Shop Small campaign.
Source: SGB Media