[isaacdstern]

http://debanked.com/2017/05/cfpb-to-...iness-lending/

[AndyYSCISOdept]

Great Article, I do have some suspicions about the statistics and numbers but its gonna be interesting to see if anyone can vet and confirm the numbers in this article

[anonymous]

> CFPB will be holding a hearing in Los Angeles
shocker
> "Yet we perceive large gaps in the public’s understanding of how well the financing and credit needs of these entrepreneurs are being served."
talk to dept of education
> "Congress specifically has charged the Consumer Bureau with the responsibility to administer and enforce various laws, including the Equal Credit Opportunity Act ... and we are assisting them in developing the proper tools to manage that risk."
...and how's that working out for you guys
> "When I served as the Treasurer of Ohio, we had a reduced-interest loan program ... but had gradually fallen into disuse."
no worries, history doesn't tend to repeat itself
> "At its core, however, the program made good sense"
Fact with supporting data or opinion?
> "So we diagnosed the program and found that after its initial success, it had become too bureaucratic. ... nobody wanted to use it."
well done
> "So we changed all that. We put the process online, rebranded it as the “Grow Now” program"
sounds like a complete overhaul of a failed program, fantastic idea!
> "I can recall a construction business in northeast Ohio that needed a loan to buy a large piece of equipment so the company could compete for new and different jobs. They got the money, they got the equipment, and they thrived."
no way?!
> "The moral of this story is that business opportunity – especially opportunities for small businesses – often hinges on the availability of financing."
and creating cumbersome regulations is going to help them how, exactly?
> Innovation has sharpened our nation’s economic edge for generation after generation
wait, what?
> "To make the kind of meaningful contributions they are capable of making to the American economy, small businesses – particularly women-owned and minority-owned businesses – need access to credit"
== everyone other than caucasian males
> "2012 Survey of Business Owners, the most recent such information available..."
...just found a much better use of your time, also available for further consultation
> "a 2013 study by the Federal Reserve Bank of Atlanta found that counties with higher percentages of their workforce employed by small businesses showed higher local income, higher employment rates, and lower poverty rates"
small government is fantastic, I agree
> "We do not know the extent to which small business lending is shifting from banks to alternative lenders"
giving your infographics much needed weight
> "we have been building an outstanding team of experts in small business lending"
there you go with that hard data again
>"At the same time, we recognize that the small business lending market is much different from the mortgage market"
thank god for that team of experts
> "unlike the mortgage market, many small business lenders have no standard underwriting criteria or widely accepted scoring models"
...breaking news
> "First, we want to determine how best to define 'small business'"
really shooting for the stars
> "We are committed to evidence-based decision-making"
clearly
> "A marketplace that does so without regard to race, ethnicity, gender, or any of the other elements of our fabulous American mosaic."
after repeatedly referencing specific groups


sounds like they are demanding quite a bit of private data, while still trying to figure out what a small business is.