Summary targets information request on small biz lending

May 23, 2017 -- 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