NCRC Initial Analysis of the CFPB SBREFA Panel Outline: A Step in the Right Direction but Improvements Sought
The CFPB’s initial proposals for the small business lending data take some steps in the right direction such as including a broad range of institutions from banks to non-bank financial technology companies that would be required to report data. However, some proposals would keep lending activity in the dark such as the proposal to not report Merchant Cash Advances, a form of credit that is higher cost and has been subject to abuses.