The Consumer Financial Protection Bureau is working to meet statutory mandates requiring small-business data collection without impeding access to credit, CFPB Director Kathy Kraninger said.
Speaking at a CFPB symposium on Section 1071 of the Dodd-Frank Act, Kraninger said the bureau recognizes the potential impact of the provision on financial institutions and small businesses, including minority- and women-owned entities.
"We have heard feedback from various stakeholders and know that there is concern with the burden to small entities, possible curtailment of credit, and privacy considerations, as well as a general desire for consistency with current business practices," Kraninger said.
Among the panelists at the CFPB symposium was Maureen Busch of The Bank of Tampa, an ICBA community banker and member of the bureau’s Community Bank Advisory Council. In a letter to the CFPB earlier this year, ICBA reiterated its concerns with the 1071 data-collection policy, noting that it is inconsistent with the non-homogenous nature of small-business loans.