American Banker, April 13, 2022, Banks are wrong to oppose CFPB data collection for small-business loans
Along with home purchase loans, small-business loans are one of the most important private-sector tools available to strengthen local economies. Banking industry leaders who promised to help combat the economic pain and material indignities that define life for most communities of color should be ecstatic about improving racial equity in business lending — and in discovering where it’s missing or needs improvement.
Instead, lobbyists for lenders are trying to protect a broken status quo. If they succeed it will be far harder to heal the racial economic wounds in our society. Those wounds are deep.