Rep. Emanuel Cleaver is taking aim at a pay day loan business specializing in business and consumer loans. That sets up a bit of a conflict with his cross state rival Rep. Lacy Clay, the hardworking and effective Congressman from St. Louis who is in the back pockets of the payday loan industry.

Rep. Emanuel Cleaver, II (D-Missouri) has launched an investigation on small business FinTech lending, which includes online companies with payday loan-like products for small businesses and individual consumers. “FinTech lending companies, also known as alternative small-business lending, are a fast-growing industry offering a new wave of innovation—and also pose many new risks,” Cleaver said in a news release. Read more…

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