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May 12, 2023 8:31 AM

The new banking rift

By Zachary Warmbrodt 

Big move at SBA — Patrick Kelley, a top SBA official overseeing the agency’s lending programs, is stepping down, according to sources familiar with the matter. Kelley took the role as the SBA pivoted to winding down the Paycheck Protection Program. He’s leaving after finalizing a major revamp of SBA’s flagship 7(a) lending program with rules that will open it up to fintechs.  The 7(a) overhaul Kelley oversaw triggered pushback from traditional banks and lawmakers. He recently appeared at two hearings to face questions on the new policies.  House Small Business Chair Roger Williams said about Kelley’s departure: “I hope the SBA will take a step back and reevaluate these rules until the agency can find a full-time replacement equipped to answer the many unanswered questions about the implementation of these rules proposed by both parties and the private sector.”

Source: https://www.politico.com/newsletters/morning-money/2023/05/12/the-new-banking-rift-00096610