Letter to Extend Comment Period for Small Business RFI

On Tuesday, May 23, 2017, CBAand other trades, submitted a letter to the CFPB asking it extend its Small Business Lending Request for Information (RFI) comment period by 60 days.  As previously reported by CBA, on Wednesday, May 10, 2017, the CFPB held a field hearing in Los Angeles focused on the small business lending marketplace. At the hearing, the agency introduced the RFI to learn more about the relationship between small businesses and financial institutions, with specific focus on four topics - what defines a small business; which institutions lend to small businesses and what products are offered; what types of business lending information are used by financial institutions; and the privacy impact of the public release of small business lending data.

 

The Bureau also released a whitepaper entitled: “Key Dimensions of the Small Business Lending Landscape,” examining the agency’s initial findings from its research on small business lending, with emphasis on women-owned and minority-owned small businesses.