CUNA discusses small biz lending data collection with CFPB

first_imgCUNA met with the Consumer Financial Protection Bureau’s business lending team Tuesday to discuss small business lending data collection. The business lending team is currently implementing section 1071 of the Dodd-Frank Act, which requires information gathering from financial institutions for credit for women-owned, minority-owned or small businesses.The team is currently in the formative stages of collecting information, conducting research and engaging in industry outreach. This will lead up to a formalized rulemaking process that will include a Small Business Regulatory Enforcement Fairness Act panel in late 2017 or early 2018, with a rulemaking likely in 2019.The team is currently grappling with how to define “small business” and “small business loan.” Dodd-Frank points to the definition spelled out in the Small Business Act. The group is also considering how to define “ownership” of a business entity in the small business context. continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more