Summary targets information request on small biz lending

Comments regarding the small business lending market, in response to the CFPB’s recent “request for information,” are due July 14, according to a new summary posted by NASCUS.

Earlier this month, the bureau announced it was seeking information about the small business lending market. Section 1071 of the 2010 Dodd-Frank Act requires financial institutions to “compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses.” According to the bureau’s public notice announcing the request, the information will assist it in the development of a business lending data collection rulemaking to implement Section 1071.

The NASCUS summary outlines five areas of focus in the bureau’s information request, with the aim  of learning more about the small business financing market, including the products offered to small businesses (such as women/minority-owned small businesses) and the institutions that offer such credit.

NASCUS Summary: Request for Information Regarding the Small Business Lending Market