CFPB to hold symposium on small biz data collection
The CFPB announced last week that it will host a symposium on Section 1071 of the Dodd-Frank Act, which requires the bureau to collect data on lending to small businesses. NAFCU has previously urged the bureau to exempt credit unions from rulemakings related to data collection and reporting on small business lending as the industry is subject to strict limits on member business lending and field of membership rules. Due to these restrictions, reported data may not achieve the statutory purpose.
CFPB Director Kathy Kraninger is set to deliver remarks during the event, scheduled for 9:30 a.m. Eastern on Nov. 6.
The symposium – part of the bureau's symposia series – will also feature two panels: The first will focus on the evolution of the small business lending marketplace, and the second will include a discussion of issues surrounding the implementation of Section 1071.
The series, announced in April, is aimed at "exploring consumer protections in today's dynamic financial services marketplace." Other topics that will be covered include cost-benefit analysis and consumer authorized financial data sharing.
Earlier this year, NAFCU President and CEO Dan Berger and Small Business Administration (SBA) Acting Administrator and General Counsel Chris Pilkerton signed a new Strategic Alliance Memorandum aimed at expanding access to credit union small-dollar loans to small businesses across the nation.
The SBA and NCUA have also signed a Memorandum of Understanding (MOU) aimed at increasing awareness of SBA programs and launching a three-year collaboration to provide webinars, training events and media outreach meant to increase credit unions' understanding and usage of SBA-backed loans and resources.