Last week, the Senate Committee on Small Business and Entrepreneurship held another of those peculiar hybrid hearings covering more than one topic, aptly named “Progress Report on Recovery Act Implementation and Alternative Sources of Financing.” So, after SBA Administrator Karen Mills (a panel unto herself) testified about the SBA’s progress on implementing the various provisions [...]

The Credit Cardholders Bill of Rights Act (H.R. 627) passed the House more or less painlessly, after the consideration of a scant sixteen amendments or so, at the end of last month. Now, it’s the Senate’s turn. That body is currently considering the Credit CARD Act (S.414), which was offered by Senate Banking Committee Chairman [...]

Do you remember the Credit Cardholders Bill of Rights? That piece of legislation, co-authored by Congresswoman Carolyn Maloney (D-NY) and House Financial Services Committee Chairman Barney Frank (D-MA), was supposed to ride herd on credit card issuers and their sometimes nightmarish practices, such as arbitrarily altering contract terms, retroactive billing and seemingly deliberate obfuscation of [...]

While members of Congress have been doing a certain amount of yelling about small business owners who cannot access working capital to do things like purchase inventory, make capital investments or meet payroll, another development in the credit landscape is beginning to threaten microbusinesses. Some of the nation’s largest banks, already in trouble over securitized [...]

Congressional Democrats have been squabbling with the Bush Administration over the need for reform in the credit card industry. Folks like House Financial Services Committee Chairman Barney Frank and Senate Banking, Housing and Urban Affairs Chairman Christopher Dodd are touting legislation, while the Administration favors less stringent industry oversight through regulatory changes. We got a [...]

It isn’t discussed often in the context of access to capital but, right now, the primary source of debt financing for small businesses is the trusty credit card. Since there is enough about credit cards to entice the typical microbusiness owner, regardless of whether that is the best financing option available to them, there have [...]