NAFCU staff, member credit unions talk small-biz lending with CFPB staff

first_img 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » NAFCU staff and representatives from several NAFCU member credit unions met with CFPB staff at bureau headquarters Tuesday to discuss small-business lending and the potential impact on credit unions of a Dodd-Frank Act data collection requirement regarding women- or minority-owned small businesses.Attendees from Andrews Federal Credit Union, CommonWealth One Federal Credit Union, Democracy Federal Credit Union, Lafayette Federal Credit Union, Money One Federal Credit Union and Washington Gas Light Federal Credit Union were present at Tuesday’s meeting, along with NAFCU Director of Regulatory Affairs Alexander Monterrubio, Senior Regulatory Affairs Counsel Michael Emancipator and Regulatory Affairs Counsel Andrew Morris.The CFPB is currently requesting information on small business lending in preparation for future rulemaking mandated by Section 1071 of the Dodd-Frank Act. The provision requires financial institutions to collect and report information – whether the business is a small business and women- or minority-owned – and give this information to the CFPB using systems similar to those used to collection information for the Home Mortgage Disclosure Act rule.last_img

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