The Trump administration’s pause on the Consumer Financial Protection Bureau’s (CFPB) enforcement work is a blow to small businesses. Small business owners depend on the CFPB to protect them from predatory lending, junk fees, and discrimination in lending.
Additionally, CAMEO Network is gravely concerned by congressional efforts to eliminate a data-collection rule that requires banks to collect and report demographic data in lending – so that potential patterns of discrimination can be unearthed and addressed.
Capital is the lifeblood of small businesses, enabling them to drive innovation, create nearly two-thirds of all new jobs, and employ nearly half of the private sector. When small business owners walk into a bank, they deserve fair treatment and access to the capital they need to grow and thrive, no matter who they are or where they are from. Without access to fair and transparent capital, our small business economy cannot succeed. Policymakers must take action now to preserve the CFPB, which enjoys broad bipartisan support, and protections against discrimination in small business lending.