AFSA Attends Small Business Financial Roundtable

On Aug. 4, AFSA staff attended the Small Business Financial Roundtable held by the Small Business Administration. The roundtable brought together industry representatives and consumer advocate groups to discuss the Consumer Financial Protection Bureau’s (CFPB) Request for Information (RFI) regarding small business lending.

At the roundtable, participants discussed the challenges and opportunities presented by the CFPB’s small business lending rulemaking. Topics included the definition of “small business,” what data may be collected, possible exceptions to the collection requirements, the burden the data collection could have on the industry, the need for additional data on small business lending, and how collecting additional data may impact women- and minority-owned small businesses.

Participants agreed that it would be helpful to have a better understanding of how most small business loans are made.

AFSA is drafting a response to the RFI, which must be submitted by Sept. 14.