New FDIC Hotline Will Allow Small Businesses To File Complaints Or Concerns Regarding Lending Practices
Written by Ken Gaebler
In an effort to build on optimism about commercial lending, the FDIC is creating a hotline that allows borrowers to report complaints about lenders that unnecessarily restrict the availability of credit.
Small business finance news is starting on a high note this year. Following statements by Federal Reserve Chairman Ben Bernanke and Federal Deposit Insurance Corporation Chairman Sheila C. Bair that small business lending is likely to increase in 2011, the FDIC has announced another measure to help needy businesses.
On Thursday, the FDIC announced that it has created a new dedicated, toll-free hotline for small businesses. The hotline will allow small businesses owners to call seven days a week and make inquiries with FDIC officials as well as file complaints about the availability of credit.
"A combination of factors have created issues and challenges for small businesses, but it is turning in terms of credit availability. I think it is going to get better, and we're working to facilitate that with the dialogue this conference will spark along with our new hotline and Web site dedicated to small businesses," said Bair.
U.S. Senator Mark Warner was on hand to help Bair make the announcement, which he lauded as a way to encourage more responsible lending by banks.
"The FDIC's 'second look' hotline will provide a new tool to make sure bank examiners in the field are not being more 'risk averse' than necessary if we truly want our economic recovery to catch hold," Warner said.
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