December 14, 2021
Entrepreneurs of color—particularly Black and Latinx—have long faced barriers to accessing credit for their small businesses. Now, the Consumer Financial Protection Bureau (CFPB) has released a proposed rule, Section 1071, that can help remedy this. Section 1071 would allow the CFPB to collect and report data on small business lending, including disaggregated data on loan recipients’ race and ethnicity.
This rule can shed light on small businesses’ capital needs. Ultimately, it can help authorities identify and remediate lending discrimination targeted at entrepreneurs of color. We need your help to show support for Section 1071 and ensure the final rule truly meets the needs of small business owners of color.
The CFPB is now accepting comments from advocates and stakeholders on this proposed rule until January 6, 2022. Click below to submit your own comment letter to the agency. We’ve provided a sample email template to make it easy to edit and send!
CLICK HERE TO SEND COMMENTS TO THE CFPB NOW
Together, we can make sure small businesses, particularly those owned by people of color, have equitable access to capital.
For additional questions about this rule, please contact Anju Chopra at firstname.lastname@example.org.