CFPB director: Small business lending should mirror mortgage regulations

CFPB Director Richard Cordray announced the first step towards new regulation at the Small Business Lending Hearing in Los Angeles. He explained there is a lack of accessible credit for small business owners, and plans to create new regulation that would require lenders to report more info regarding their lending habits to small businesses. In the meantime, he calls upon lenders to respond to the CFPB’s request for information.

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