The Small Business Administrations’ Office of Advocacy, the Independent Community Bankers of America, the American Bankers Association, and state banking associations have requested the Consumer Financial Protection Bureau extend the comment deadline for the proposed rule implementing Section 1071 of the Dodd-Frank Act.
The proposed rule outlines the requirements for lenders disclosing information about their lending to small businesses, such as the amount and type of small-business credit applied for and extended, demographic information about small-business credit applicants, and key elements of the price of the credit offered.
For more details about the request, read on.