UPDATE:
Bank America & Chase are both accepting applications. Wells Fargo is not up yet.
There's Twitter rage from applicants getting turned away from Bank of America.
Chase says this is just the 1st step & they hope to have a better application process over the weekend.
Bank America & Chase are both accepting applications. Wells Fargo is not up yet.
There's Twitter rage from applicants getting turned away from Bank of America.
Chase says this is just the 1st step & they hope to have a better application process over the weekend.
BUT the anger at Bank America and others who will likely turn down applicants is not the fault of the banks.
Secretary Mnuchin was not correct yesterday when he said to call any FDIC insured bank.
Secretary Mnuchin was not correct yesterday when he said to call any FDIC insured bank.
Banks are HIGHLY REGULATED.
The restrictions & penalties around violating Know Your Client & Anti Money Laundering Rules are ENORMOUS.
And the punishment is backward looking.
These banks cannot just jam anyone and anything through.
The restrictions & penalties around violating Know Your Client & Anti Money Laundering Rules are ENORMOUS.
And the punishment is backward looking.
These banks cannot just jam anyone and anything through.
Three years from now, regulators will look at any and every loan processed and the banks will need to explain why they processed the loan.
They CANNOT just handle the applications for any small business.
Frustrated applicant rage is in an unfortunate vortex of misinformation.
They CANNOT just handle the applications for any small business.
Frustrated applicant rage is in an unfortunate vortex of misinformation.
