The CFPB and Small Business Lending

small business lendingThe Consumer Financial Protection Bureau (CFPB) recently held a hearing on small business lending.

The CFPB is going to start collecting data on small business lending because of the Wall Street Reform and Consumer Protection Act. The purpose of collecting this data is to facilitate enforcement of fair lending laws and identify business community development needs. The data they collect will also help determine if certain businesses are operating on a level playing field when it comes to accessing credit.