Public Comment on Section 1071 Small Business Lending Data Collection; Docket No. CFPB-2021-0015

Public Comment

Public Comment on Section 1071 Small Business Lending Data Collection; Docket No. CFPB-2021-0015

January 6, 2022

Abstract

Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires the Consumer Financial Protection Bureau (CFPB) to enhance publicly available small business data. Currently, a lack of a comprehensive database on lending has made it difficult for stakeholders to remove barriers to equitable lending for women- and minority-owned small businesses. We provide suggestions to the CFPB to require the collection and public dissemination of a database detailed enough to meaningfully achieve the fair lending and community development statutory purposes of Section 1071.

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