RFI regarding the Small Business Lending Market

The Consumer Financial Protection Bureay (CFPB) has issued a Request for Information Regarding the Small Business Lending Market (RFI). The CFPB seeks information about the small business lending market. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses. 

The Bureau seeks to learn more about the small business financing market, including understanding more about the products that are offered to small businesses, including women-owned and minority-owned small businesses, as well as the financial institutions that offer such credit. The Bureau also seeks to learn more about the business lending data that currently is used and may be maintained by financial institutions in connection with credit applications made by small businesses, including women-owned and minority-owned small businesses, and the potential complexity and cost of small business data collection and reporting. The Bureau is also seeking comment from the public on privacy concerns related to the disclosure purposes of section 1071.  

The feedback from this RFI will help the bureau write the rules for collecting information required under the dodd-Frank Act implementing Section 1071 in a manner that is efficient an minimizes burden on the industry.

 

CUNA Detailed Summary Read summary here
Comment to CUNA Staff Provide feedback here (by 08/31/2017)
Agency/Entity Consumer Financial Protection Bureau
Agency Comment Deadline 09/14/2017
Docket/Identifying #

CFPB-2017-0011

CUNA Contact

Leah Dempsey