News & Notes from IACC
CFPB Holds Symposium on Small Business Lending
Small businesses, including those owned by women and minorities, are critical engines for economic growth.
On November 6, the CFPB held a symposium to discuss small business lending. Specifically, the meeting was designed to solicit feedback on Section 1071 of the Dodd-Frank Act, which requires financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses.
The following is an excerpt from CFPB Director Kathy Kraninger’s opening comments:
Small businesses, including those owned by women and minorities, are critical engines for economic growth. According to the Census Bureau, there are more than 27.6 million small businesses in the United States. More than 7.9 million of these businesses are minority-owned and over 9.8 million are women-owned. Using publicly available data and informed by conversations with market participants, the Bureau estimates the small business financing market is roughly $1.4 trillion in size.
To see a transcript of Director Kraninger’s comments on this issue, visit https://www.consumerfinance.gov/about-us/newsroom/director-kraningers-speech-cfpb-symposium-section-1071/.