Newsroom

April 25, 2017

May 10 CFPB field hearing eyes small business lending

The CFPB will live-stream a public field hearing on May 10 focused on small business lending. The hearing is set for 11 a.m. Pacific (2 p.m. Eastern) in Los Angeles.

The field hearing is expected to address a requirement in the Dodd-Frank Act (Section 1071) that the CFPB to collect information on small business loans made to women- and minority-owned businesses.

The May 10 hearing will include remarks by CFPB Director Richard Cordray, followed by a panel discussion of consumer advocates and industry representatives and testimony from members of the public.

NAFCU staff will meet with CFPB staff to discuss small business lending issues on May 30. NAFCU has previously expressed concerns about the regulatory burden on credit unions relating to small business lending issues.