By Pam Martens and Russ Martens: June 17, 2020 ~
Gilles Gade, Chairman and CEO, Cross River Bank
The Paycheck Protection Program (PPP) was authorized by Congress under the CARES Act and is being overseen by the Small Business Administration (SBA). The goal of the PPP program is to make 1 percent interest loans to small businesses
Dirty Details Emerge as to Why Mnuchin Is Fighting Congress Over Releasing the Names of Recipients of PPP Loans By Pam Martens and Russ Martens: June 16, 2020 ~ U.S. Treasury Secretary Steve Mnuchin Taxpayers’ money is being used to make the Paycheck Protection Program (PPP) loans. Thus, the public has every right to know the names of the recipients of those loans. Despite originally promising transparency, U.S. Treasury Secretary Steve Mnuchin is now stonewalling Congress [...]
The Forbes Investigation: Inside The Secret Bank Behind The Fintech Boom
all Cross River’s lending officers aren’t human beings. They are apps. Cross River’s loans originate mostly from 15 or so buzzy venture-capital-backed financial technology startups, so-called fintechs, that go by names like Affirm, Best Egg, Upgrade, Upstart and LendingUSA. The fintechs provide the customers; Cross River provides the licenses and infrastructure. It holds 10% to 20% of each loan it issues, and the massive volume of fintech loans has propelled Cross River to $2 billion in assets, up from $100 million a decade ago.