Summary: Request for Information Regarding the Small Business Lending Market
Prepared by NASCUS Legislative & Regulatory Affairs Department
The Consumer Financial Protection Bureau (Bureau) issued a Notice and Request for Information (RFI) seeking feedback about the small business lending market. Section 1071 of Dodd Frank amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain and report information concerning credit applications made by small businesses, including women and minority-owned small businesses. The Bureau is requesting this information to assist in the development of a business lending data collection rulemaking to implement Section 1071. 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/minority-owned small businesses) and the institutions that offer such credit.
Comments must be received by Sept. 14, 2017 (extended from July 14) and the RFI can be accessed here.
The RFI seeks comment on a number of questions, which are separated into the following five categories:
- Small Business Definition
- Data Points
- Financial Institutions Engaged in Business Lending
- Access to Credit and Financial Products Offered to Businesses