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CFPB Evaluating Credit Availability for Small Businesses
On Wednesday, May 10, 2017, the CFPB held a field hearing in Los Angeles focused on the small business lending marketplace. At the hearing, the agency introduced a request for information to learn more about the relationship between small businesses and financial institutions, with specific focus on four topics:
1. What defines a small business;
2. Which institutions lend to small businesses and what products are offered;
3. What types of business lending information are used by financial institutions; and
4. The privacy impact of the public release of small business lending data.
The Bureau also released a whitepaper titled: “Key dimensions of the small business lending landscape,” examining the Bureau’s initial findings from its research on small business lending, with emphasis on women-owned and minority-owned small businesses.
The hearing featured remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. MUFG Union Bank’s Todd Hollander, Chair of CBA’s Small Business Banking Committee, also testified at the event.