Summary: Request for Information Regarding the Small Business Lending Market

Summary: Request for Information Regarding the Small Business Lending Market

Prepared by NASCUS Legislative & Regulatory Affairs Department
May 2017
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.

Comments Requested:

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
Privacy