ETA Submits Comments to CFPB Regarding the Small Business Lending Market

Last Friday, ETA submitted comments in response to the CFPB’s request for information regarding the small business lending market. ETA supports fair lending and increased access to credit for small businesses, including women-owned and minority-owned. ETA appreciates the Bureau’s commitment to weighing any benefits of a future proposed rule against the costs associated with instituting new data collection for small business lenders.

Key points of the letter include:

• ETA and its members support an inclusive financial system that provides high quality, secure, and affordable financial services for the broadest possible set of consumers and small businesses.
• ETA member companies touch, enrich, and improve the lives of underserved communities while making the global flow of commerce possible by providing financing for small businesses.
• Adding any additional data collection, as this rulemaking is likely to do, will present implementation and operational challenges. The Bureau must be vigilant in weighing the implementation and operational costs associated with data collection against the benefits.
• Efforts by policymakers to regulate financial products and services should be done collaboratively with industry participants and with careful consideration of the many types of business models and products in the marketplace.
• ETA stands willing to work with the Bureau to create a positive regulatory environment for small business lenders and their borrowers.