The Consumer Financial Protection Bureau announced May 10, per Dodd-Frank, it is soliciting comments on how to collect more information about lending to small businesses, particularly those owned by women and minorities. Between call reports and Community Reinvestment Act reporting, regulators already collect substantial information about small business lending from banks; new efforts from the CFPB should be focused exclusively on non-banks and online lenders.
The latest census figures count 27.6 million businesses in the United States; 22.8 million of them (83 percent) consist only of the owner and have no employees. There . . .
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