Fintech Firms Splintered in D.C. as Regulatory Scrutiny Heats Up
- Small business lenders form lobby to highlight differences
- New group comes as Congress seeks studies, weighs legislation
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As the burgeoning online lending industry braces for a wave of scrutiny from U.S. policy makers, leading financial-technology firms are scrambling in Washington to figure out who’s a friend and who’s a potential foe.
Prominent small business lenders including On Deck Capital Inc., Kabbage Inc. and PayPal Holdings Inc. have formed a group to highlight their differences from other companies. Their alliance is an extension of the payments trade group, the Electronic Transactions Association.