Morning Consult: Kraninger Signals Caution On Controversial Small Business Lending Policy

Morning Consult, Nov 6, 2019: Kraninger Signals Caution On Controversial Small Business Lending Policy

Consumer Financial Protection Bureau Director Kathy Kraninger has signaled a cautious approach in her plan to implement a controversial piece of Dodd-Frank, which requires the agency to collect data on minority- and women-owned small business lending.

The CFPB has, so far, delayed Section 1071 of the Dodd-Frank Act, frustrating consumer advocates who say the data is critical to studying unequal access to funds. A symposium on the topic hosted by the CFPB on Wednesday is a sign that the bureau intends to move forward on the issue.

But Kraninger, in her opening remarks at the symposium, stressed critiques of implementing a rule too quickly, repeating arguments made by Treasury Secretary Steven Mnuchin in a 2017 report when he recommended that the provision be repealed.

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