AWBC Statement on CFPB Notice of Proposed Rulemaking

WASHINGTON, D.C.— The AWBC recognizes the initiative at the Consumer Financial Protection Bureau (CFPB) within the U.S. Treasury Department on its notice of proposed rulemaking (NPRM) to make transparent the data on small business lending. The rule will define guidance on the implementation of Sec. 1071 of the Dodd-Frank Act, which requires that banks make public the demographic data on the recipients of small business loans. This regulation fills a gap by providing critical visibility of demographic data that ultimately offers concrete attribution to where and how small business capital is being allocated and if it is distributed equitably.
Corinne Hodges, President and CEO of AWBC said the following:
“The Association of Women’s Business Centers (AWBC) welcomes this initiative at the Consumer Financial Protection Bureau and commends the Agency’s commitment to implement a long-awaited rule in the small business community. Our experience with the Resource Partner Training Portal (RPTP) and surveying of our women’s business center (WBC) network underscored the disadvantage that women entrepreneurs face compared to their male counterparts when attempting to access a loan for their business. This new regulation will provide reliable data on small business capital access, which will enable banks and lenders to better serve women-owned businesses and achieve parity in the U.S. economy.”

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