Several Maryland and Virginia bankers, joined by American Bankers Association and Maryland Bankers Association staff, today met with officials in the Small Business Administration’s Office of Advocacy. The meeting came as the Consumer Financial Protection Bureau moves forward with implementation of Section 1071 of the Dodd-Frank Act, which requires data collection to facilitate fair lending in the small business credit market. The bankers and association staff explained the commercial lending process, outlining how its customized and non-commodified nature makes it ill-suited to the methods of fair lending enforcement long used in mortgage lending, for example. For more information, contact ABA’s Barry Mills.
Bankers, ABA Staff Meet with SBA Officials on Fair Lending
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