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Self-regulatory program for nonbank small-business lenders

The Responsible Business Lending Coalition, a group of nonbank small-business lenders, recently announced a regulatory program designed to bring greater clarity to the industry’s pricing and consumer protections, including:

  • The right to transparent pricing and terms
  • The right to non-abusive products
  • The right to responsible underwriting
  • The right to fair treatment from brokers
  • The right to inclusive credit access
  • The right to fair collection practices

Industry self-regulation is a good way for market leaders to demonstrate self-discipline and is preferable to legislative or regulatory changes because of its flexibility and ability to accommodate evolving market trends.

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