Washington Credit Union Daily: Consumer Groups Praise CFPB Small Business Lending Rule

Washington Credit Union Daily, September 6, 2021, Consumer Groups Praise CFPB Small Business Lending Rule

Consumer advocates are praising the Consumer Financial Protection Bureau’s proposed rule that would require financial institutions, including credit unions, to report demographic information about their small business lending.

“Publicly accessible data on small business lending can motivate lenders to increase their lending to women-owned and minority-owned small businesses,” the National Community Reinvestment Coalition said.