Yuka Hayashi
speaker
247 appearances
9 recordings
1 series
first heard Jul 2019
last heard Aug 2020
Yuka Hayashi’s voice in public audio — every appearance, attributed to the second.
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Appearances
In recent weeks, the SBA says that they have made a lot of improvements.
And they do say that the reason why some people still may be waiting is because the applicants themselves may not have responded to requests for more information or responding to a final step to accept the loans.
After a very busy hurricane season in 2017, SBA signed a pretty small contract worth $10 million with a small contractor called RER Solutions.
That contract came in very handy for the SBA during the pandemic.
By modifying that contract,
SBA was able to issue a large amount of contract to this company.
And this company had as its subcontractor, actually a very big company, a company called Rocket Loans, which is an affiliate of Quicken Loans, which is the country's largest mortgage lender.
So the SBA says that it has rules in place that prevents Rocket Loans from using the data in ways that are unauthorized.
The SBA also says that as long as the project is over, the data will be destroyed.
This program had various issues from the very beginning.
The most serious one is the delays and also a lack of communications between the SBA and loan applicants.
So some applicants had to wait for months, almost three months, without getting updates from the SBA.
So there have been two congressional hearings just to discuss those issues.
This new version is missing the key element of the previous rule that would have made it very difficult for payday lenders to extend these super high interest loans repeatedly to the same customers.
Sure.
These loans are essentially high-interest consumer loans that largely target lower to moderate income consumers.
And some of these loans could carry interest rates as high as 400% on an annual basis.
Essentially, the borrower must pay back these loans in two weeks.
That's the name, payday loans.
But a lot of lenders end up not being able to pay them back.
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