Cumming, Douglas J.Martínez Salgueiro, AndreaReardon, Robert S.2024-02-012024-02-012022Cumming, D.J., Martinez-Salgueiro, A., Reardon, R.S. et al. COVID-19 bust, policy response, and rebound: equity crowdfunding and P2P versus banks. J Technol Transf 47, 1825–1846 (2022). https://doi.org/10.1007/s10961-021-09899-6http://hdl.handle.net/10347/32182This version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use, but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: http://dx.doi.org/10.1007/s10961-021-09899-6Traditional intermediaries have the ability and the incentive to intertemporarily smooth outcomes. Fintechs, such as peer-to-peer (P2P) lending platforms and equity crowdfunding (ECF) platforms, enable riskier projects without regard to intertemporal smoothing. U.S. data from May 2016 to June 2020 show that COVID-19 had an adverse impact on bank consumer lending. However, counter to our expectations, ECF and P2P are much more stable, timely, and resilient in the COVID-19 crisis compared to bank consumer lending. Moreover, the data indicate that P2P lending is a leading indicator for bank consumer lending and that bank consumer lending substitutes ECF. The policy response—CARES Act—caused: (1) a signifcant increase in ECF volumes, (2) a substantial rebound to bank consumer lending, and iii) at best, neutralized an already-stabilized level of P2P lending.engEquity CrowdfundingP2P LendingFintechCOVID-19Bank Consumer Lendingjournal article10.1007/s10961-021-09899-6open access