Credit unions ask CFPB to limit business loan rules

As the CFPB contemplates regulations governing small business lending, credit unions are asking the agency to ensure that any rules do not conflict with NCUA requirements and do not require data collection that could be misleading.

The CFPB held a field hearing on small business lending in Los Angeles Wednesday and agency officials said that they are soliciting advice on how to collect data on small business lending—a requirement under the Dodd-Frank Act.

“Given the importance of small businesses to our economy and their critical need to access financing if they are to prosper and grow, it is vitally important to fill in the blanks on how small businesses are able to engage with the credit markets,” CFPB Director Richard Cordray said in remarks prepared for the hearing.

NAFCU is asking the agency to exempt credit unions from any new rules that requires disclosure of business loan information.


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