Removing Barriers Blog

CFPB Agrees to CUNA’s Request to Extend RFI Deadline

Yesterday, the CFPB announced it would be granting CUNA’s request for a 60-day extension to the comment period for their Request for Information (RFI) Regarding the Small Business Lending Market.  The new deadline will be September 17, 2017, rather than the original July 14, 2017.

In May, CUNA was very engaged with the CFPB on the collection of Small Business data and joined a number of other trade associations in sending a letter to the Director requesting an extension on the original deadline.  The RFI’s questions how to define a small business (and a women and minority-owned small business), as well as questions on privacy and how to prevent misinterpretation of the data.  This much needed extension will allow CUNA, the Leagues, and credit unions to work together to compile and submit thoughtful feedback. 

America’s credit unions appreciate the CFPB taking the time to examine and extend their original deadline. CUNA is seeking input from credit unions on this RFI and requests that any credit union concerned or impacted by this rulemaking to consider submitting comments to the CFPB.