Today, Administrator Isabella Casillas Guzman , head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, issued the following statement on the Consumer Financial Protection Bureau (CFPB) finalizing Section 1071, a rule that aims to increase transparency in small business lending, promote economic development, and combat unlawful discrimination.

“The CFPB’s important work to advance transparency and improve data collection in small business lending enables the Biden-Harris Administration to take a step forward in its mission to deliver equitable outcomes for Americans. Longstanding barriers to capital, for too long, have stood in the way of many small business owners in underserved communities. With today’s announcement, lenders and policymakers can more clearly understand gaps in small business lending. The SBA will now have access to crucial data needed to inform its work and better serve America’s small business owners.”

I commend Director Rohit Chopra and the CFPB team for advancing Section 1071 and look forward to using this data to help more Americans achieve the dream of business ownership.”

 

Source: Investors Observer