Three GOP lawmakers today raised concerns about the CFPB’s pending rulemaking to implement Section 1071 of the Dodd-Frank Act.
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In a study evaluating small businesses’ satisfaction with merchant services providers, J.D. Power found that large banks had a significant surge in merchant services satisfaction.
The Small Business Administration announced that it will allow Paycheck Protection Program borrowers to request a loan review by SBA when the lender determines that the borrower is entitled to only partial forgiveness of the PPP loan.
While expressing support for fair lending laws and regulations, ABA and the state bankers associations yesterday raised concerns about the CFPB’s long-awaited proposed rule to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.
Eighty-three percent of small businesses say they sought financial services from either large or small banks, according to new research published by the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation last week.
Small business credit card customer satisfaction surged 12 points from last year (rising to 852 on a 1,000-point scale) as 32% of small business customers say they are financially better off than they were a year ago, according to a new survey by J.D. Power.
A majority of ag lenders—69.7%—reported that overall farm profitability increased in the prior year, due in large part to government support, which is estimated to account for 38% of ag borrowers’ net income, according to the 2021 Agricultural Lenders Survey conducted by ABA and Farmer Mac.
Eighty-two percent of small businesses said they maintained or gained trust with their bank in 2020 amid the COVID-19 pandemic, and an even greater majority—85%—believe that their needs are being met by their current bank, according to a new survey from consulting firm West Monroe this week.
CFPB Director Rohit Chopra today said he is concerned about the potential regulatory burden that rules like the bureau’s pending Section 1071 rulemaking—which addresses the collection of credit application data for small businesses, including women-owned and minority-owned small businesses—could have on small banks, noting that “I’m very sensitive to what our local financial institutions are facing.”
Banks’ efforts to deliver Paycheck Protection Program loans to their small business customers and help them navigate the forgiveness process drove overall customer satisfaction levels to record highs in 2021, according to the latest J.D. Power Small Business Banking Satisfaction Study released today. Small businesses gave their banks a satisfaction score of 829, up from 822 last year.