CFPB to Discuss Small Business Lending at May 10 Field Hearing

Agency Rule-Making & Guidance Consumer Finance CFPB Fair Lending

On May 10, the CFPB will hold a field hearing on small business lending in Los Angeles, CA. The announcement, which is posted on the Events page of the CFPB’s website, indicates that the hearing will feature “remarks from Director Cordray, as well as testimony from community groups, industry representatives, and members of the public.” Notably, “small business data collection” was among the topics covered by the Bureau in its latest fair lending report (See previous InfoBytes coverage here). Specifically, the CFPB noted in its report that Congress “expressed concern that women-owned and minority-owned businesses may experience discrimination when they apply for credit, and has required the CFPB to take steps to ensure their fair access to credit.” In response to this observation, the Bureau indicated in its report that its “[s]mall business lending supervisory activity will also help expand and enhance the Bureau’s knowledge in this area, including the credit process; existing data collection process; and the nature, extent, and management of fair lending risk.”