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Lawmakers are pressuring CFPB to start requiring lenders to provide better data about the loans they make to small businesses – such as the race and gender of the business owner and the businesses' current revenue – in order to better track trends and enforce fair-lending laws in small-business lending.

The Wall Street Journal reported that the Dodd-Frank Act requires lenders to provide better data about the loans they make to small businesses, but CFPB, which would enforce the requirement, doesn't have a rule set requiring this information be provided.

A letter was sent to CFPB Director Richard Cordray last week signed by 84 House Democrats urging the bureau to issue a rule, saying it would help enforce fair-lending laws. "Analyzing access to credit and removing barriers to small business creation becomes imperative when considering the significant role of small business on job creation," the lawmakers wrote.

WSJ noted that when asked about the rule earlier this year, Cordray told lawmakers he would turn his attention to the matter once a similar rule was completed to update mortgage data disclosures.

NAFCU has been a long-time supporter of lifting credit unions' member business lending cap, which would increase the capital credit unions could provide small businesses. The association continues to support legislation, including H.R. 1188, that would raise the MBL cap for credit unions.

In related news, today is the comment deadline for the NCUA Board's proposed rule that would remove the current MBL waiver process and permit credit union boards to establish a principles-based risk management policy addressing their commercial and business lending activities. If the proposal is made final, credit unions would be examined for their adherence to such principles.