Fraud Checks and Errors Slow Small-Business Relief Loans

In December, Congress approved $284 billion for a new round of lending, including second loans to the hardest-hit businesses. This time, the Small Business Administration was determined to crack down. Instead of approving applications from banks immediately, it held them for a day or two to verify some of the information.

That caused — or exposed — a cascade of problems. Formatting applications in ways that will pass the agency’s automated vetting has been a challenge for some lenders, and many have had to revise their technology systems almost daily to keep up with adjustments to the agency’s system. False red flags, which can require time-consuming human intervention to fix, remain a persistent problem.

Numerated, a technology company that processes loans for more than 100 lenders, still has around 10 percent of its applications snarled in error codes, down from a peak of more than 25 percent, said

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Britain’s finance sector too slow to hire women to top jobs

LONDON (Reuters) – Britain’s finance ministry wants more ambitious diversity targets at financial firms as the pace of hiring women to top jobs is too slow, a review said on Tuesday.

A Women in Finance charter was launched in 2016 by the finance ministry in a bid to improve diversity in the financial sector where just 14% of executive committee members were women in 2015.

More than 370 firms with over 900,000 employees in total have signed up to the charter and commit themselves to voluntary diversity targets.

A review by New Financial think tank of 187 of the firms found that only a third have met or exceeded their own targets.

Women make up 32% of senior management on average, still short of the 33% minimum target the finance ministry would like to see for all signatories, the review said.

“I am determined to see the financial services sector

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