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Friday, August 22, 2014

NCRC: CFPB Should Enhance Small Business Loan Data

The National Community Reinvestment Coalition (NCRC) is making recommendations to the CFPB regarding the collection of data on small business loans as the bureau implements Section 1071 of the Dodd-Frank Act. Section 1071 requires that the CFPB improve the publicly available information on small business loans by including information on the applicant’s race and gender, as well as the revenue size of the small business and action taken on the loan. The NCRC made the following recommendations:

  • Expand the disclosure on race and ethnicity to include sub-categories of various nationalities
  • Require more specific disclosure of revenue size of the small business, other than simply above or below $1 million in revenue
  • Include the action taken on loan applications, adding information regarding approvals and denials
  • Provide information on the loan type and purpose to determine if lending is responsibly meeting credit needs

The NCRC also suggested enhancing the collection of other data elements such as pricing data, creditworthiness and the number of employees.

Read the NCRC white paper.

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