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NAFCU, with 12 other trade associations, asked the CFPB Tuesday for more time to comment on its request for information regarding the small-business lending environment. The trades requested a 60-day extension, which would push the comment deadline from July 14 to Sept. 12.

"As you are aware, the RFI seeks a broad range of detailed information from individual businesses, consumers, third-party vendors, and financial institutions," the letter to the CFPB stated. "As such, the identification and development of complete answers to the questions posed will require broad consultation within individual companies, which requires a significant amount of time.

"We believe that imposing a 60-day comment deadline will preclude the development of a sufficiently broad and complete factual record necessary to support effective policy action in an area that will have significant consequences for small businesses and the U.S. economy," the letter concluded.

NAFCU is currently asking member credit unions for their input on this request for information through a Regulatory Alert. The association will use the feedback in preparing its own comment letter on the subject.

The CFPB is specifically requesting information on the small-business lending marketplace, including what financial institutions are lending to small businesses and what products are offered. The bureau is preparing for future rulemaking mandated by the Dodd-Frank Act (Section 1071) on the issue.

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 in advance of a field hearing on this issue earlier this month to emphasize credit unions' uniqueness and their limited authority for member business lending; and to urge exemption for credit unions from any related, future CFPB rulemaking.

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.