Jeffrey P. Naimon quoted in American Banker article, “Why the CFPB is still writing its small-business data rule a decade later”
American BankerJeffrey P. Naimon
The American Banker article, “Why the CFPB is still writing its small-business data rule a decade later,” discussed the bureau’s proposed rule requiring companies to collect data on small-business lending. The rule has proven difficult to finish, but a recent court order required the bureau to finalize it by March — more than 12 years after Congress mandated as part of the Dodd-Frank Act that the bureau collect data meant to identify discrimination and barriers to credit.
Naimon noted “Many small-business lenders have raised concerns that the net result of the rule will be a substantial reduction in discretion they need to underwrite small-business credits,” and added that if a lender has to assess the credibility of a borrower’s business plan, “that will make it even harder for many small businesses to obtain credit.”
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