Removing Barriers Blog

CUNA Participates in Joint Letter to CFPB in Regards to their RFI for Small Business Lending Market

Yesterday, CUNA joined a number of trade associations in sending a letter to the Consumer Financial Protection Bureau (CFPB) in order to comment on the current timeframe of their “Request for Information Regarding the Small Business Lending Market” (RFI). The RFI is the first step in the rulemaking process, but the CFPB has imposed a very short comment deadline of July 14, 2017. CUNA and the other trade associations urged the CFPB to extend the comment period 60 days past the current deadline to September 12, 2017.

The RFI’s questions about how to define a small business (and a women and minority-owned small business), as well as the questions on privacy and how to prevent misinterpretation of the data, are complex and will require broad consultation across respondents. Extending the timeframe for comment will allow CUNA and the other trade associations to compile and examine the information on small businesses much more thoroughly than the current 60 days will allow.

Small business and women and minority-owned small business was a topic of discussion when the CFPB’s Director Cordray went before the House Financial Services Committee earlier this spring. While we hope the CFPB will recognize the need to extend the timeline for the RFI, CUNA will work with credit unions and League partners to ensure detailed and thoughtful feedback is submitted to the CFPB no matter the deadline.