Ahead of statutorily required rulemaking activities regarding the collection of small business lending information, the Consumer Financial Protection Bureau recently launched an inquiry to learn about methods of gathering and utilizing new and existing data to identify the financing needs of small businesses, particularly those owned by women and minorities.
The announcement, made at a field hearing in Los Angeles, comes just weeks after Director Richard Cordray was taken to task by House Financial Services Committee Chairman Jeb Hensarling (R-Texas) for prioritizing discretionary rulemaking over the Dodd-Frank mandated small business rules in Section 1071. Read on to learn what past experiences the bureau is drawing from as it moves forward.