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The CFPB, in advance of its field hearing Wednesday in Los Angeles, released a request for information on the small-business lending marketplace as it prepares for future rulemaking mandated by the Dodd-Frank Act on the subject.

Section 1071 of the Dodd-Frank Act would require financial institutions to collect and report information – whether the business is a small business and women- or minority-owned – and give this information to the CFPB using systems similar to those used to collection information for the Home Mortgage Disclosure Act rule.

NAFCU wrote to the CFPB Tuesday to emphasize credit unions' uniqueness and their limited authority for member business lending. The association is urging that the bureau exempt the industry from any future rulemaking that would require further disclosure of business loan information.

During yesterday's field hearing, the CFPB also issued a white paper on "key dimensions" of the small business lending market. CFPB Director Richard Cordray said the white paper shows how women- and minority-owned small businesses have expanded in number, but he said more updated information is needed "to paint a full picture" of the availability of credit to these businesses.

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.