To the editor,
Regarding the April 13 op-ed
America’s leading banks long have supported efforts from policymakers to advance our shared goals of financing the American Dream for minority- and woman-owned businesses and expanding access to credit in underserved communities. New Consumer Financial Protection Bureau data-collection requirements in the small-business lending market can help further this objective, and banks are fully committed to working with the Bureau on developing a well-founded Section 1071 rule that delivers on its intent for years to come.
Recognizing our shared commitment to protect access to credit within the well-regulated, well-supervised banking industry, CBA has advocated for the Bureau to consider several key recommendations we believe will help minimize unintentional consequences for the small businesses we are all working to support, including a phased approach for implementation. These new requirements must also apply to all financial institutions — both bank and nonbank. It’s unfortunate Mr. Van Tol mischaracterized these good-faith considerations, which are intended not to sabotage the CFPB’s efforts, but to strengthen the accuracy and efficiency of the Bureau’s collection process.
For more than 200 years, bank loans have helped small businesses expand operations, hire new employees, or open a new location. Throughout the worst of the COVID-19 pandemic, banks worked tirelessly to administer more than 4 million Paycheck Protection Program loans, while also unveiling historic initiatives to provide resources for minority-owned small businesses and entrepreneurs. Expanding access to credit in underserved communities is not just good business, it reflects the fundamental mission of bankers — to finance the American Dream and promote equitable economic growth across every community they serve.
David Pommerehn, Senior Vice President & General Counsel, Consumer Bankers Association
