September 01, 2021

Brown Commends CFPB’s Proposed Rule to Improve Small Business Lending Data

Today, Sen. Sherrod Brown (D-OH) – Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – issued the following statement regarding the Consumer Financial Protection Bureau’s (CFPB) proposed rule to require banks to collect more data on small business lending.

“Small businesses drive growth in communities across our country, but too often they face barriers blocking access to credit and loans. This proposed rule is an important step in addressing longstanding gaps in small business lending data – gaps that have hampered our understanding of small business lending and made it difficult to assess whether loans are distributed fairly and equitably to women- and minority-owned small businesses,” said Brown. “I commend the CFPB for moving forward on this rulemaking and ensuring our fair lending laws are enforced.”