Agencies release 2021 CRA data on small business, community development lending
The federal banking agencies today released 2021 Community Reinvestment Act data on small business, small farm and community development lending.
Browsing: Small business
Chopra: 1071 rulemaking to be completed by end of March
CFPB Director Rohit Chopra acknowledged concerns raised by ABA and others that the rule could have an outsized effect on smaller institutions and could affect the supply of credit to the nation’s small businesses.
Survey: Small businesses look to banks for help in tough economy
Small businesses are looking to banks for help as the economy weakens but don’t always feel they are receiving an exceptional experience, according to a new survey by J.D. Power.
Trade groups to lawmakers: Don’t raise taxes on small, family-owned businesses
As households and businesses face a possible recession, decades-high inflation levels and other economic challenges, a broad coalition of trade groups—including ABA—representing a wide range of industries urged lawmakers to reject policy proposals that would raise taxes on small, individually and family-owned businesses.
Survey: Small and midsize businesses alter pandemic-era priorities
small companies are ready for significant changes in response to inflation and middle-market companies are addressing workforce and cybersecurity issues.
SBA OIG calls out lack of guidance to lenders on PPP fraud
The U.S. Small Business Administration failed to provide lenders with “sufficient, specific guidance to effectively identify, track, address and resolve potentially fraudulent [Paycheck Protection Program] loans,” a new report by the SBA Office of the Inspector General found.
Provident Bank survey: Small businesses bracing for Russian cyberattacks
A majority of the nation’s small business owners—78%—say they are concerned about the threat of a Russian cyberattack in light of recent news coverage, according to new survey data released by Provident Bank.
House bill would extend CFPB supervisory authority to nonbank small biz lenders
As the CFPB looks to implement Section 1071 of the Dodd-Frank Act—which calls for the collection of small business lending data—Rep. Nydia Velazquez (D-N.Y.) this week introduced H.R. 7351, an American Bankers Association-advocated bill that would amend the Consumer Protection Act to give the CFPB supervisory authority over nonbanks making small business loans.
SBA Releases Strategic Plan for FY 2022-2026
The Small Business Administration’s strategic goals for FY 2022-2026 include providing an equitable and customer-centric delivery of programs to small businesses, building resilient businesses and a sustainable economy, and implementing strong stewardship of resources, according to a strategic plan released this week.
SBA Administrator Guzman Says Country Needs to Return to Work
Small Business Administration Administrator Isabella Casillas Guzman told bankers today at the American Bankers Association’s Washington Summit that to help small businesses, the country needs to return to work.