{"id":286901,"date":"2026-05-13T12:02:40","date_gmt":"2026-05-13T16:02:40","guid":{"rendered":"https:\/\/ncrc.org\/?p=286901"},"modified":"2026-05-13T12:02:40","modified_gmt":"2026-05-13T16:02:40","slug":"the-long-fight-for-small-business-lending-transparency-is-not-over","status":"publish","type":"post","link":"https:\/\/ncrc.org\/the-long-fight-for-small-business-lending-transparency-is-not-over\/","title":{"rendered":"The Long Fight for Small Business Lending Transparency Is Not Over"},"content":{"rendered":"<p><span data-contrast=\"none\">Small businesses\u00a0play a vital role in\u00a0the US\u00a0economy,\u00a0<\/span><a href=\"https:\/\/www.uschamber.com\/small-business\/small-business-data%20center\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">but\u00a0their ability to access credit<\/span><\/a><span data-contrast=\"none\">\u00a0has been a longstanding obstacle\u00a0to their viability.\u00a0A\u00a0<\/span><a href=\"https:\/\/www.fedsmallbusiness.org\/2026-firms-in-focus-chartbooks-on-small-business-data?utm_source=FC&amp;utm_medium=website&amp;utm_campaign=sbcs-marketing\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">recent Federal Reserve report summarizing survey data<\/span><\/a><span data-contrast=\"none\"> found that nearly one-fourth of small businesses that employ others are owned by persons of color.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Congress enacted Section 1071 of the Dodd-Frank Act to solve a basic market failure: the lack of consistent, transparent public data showing which small businesses get credit, on what terms and where gaps remain. <\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">In 2010, in enacting Section 1071 Congress directed financial institutions to submit small business lending data to the Consumer Financial Protection Bureau (CFPB). The goal was to facilitate the enforcement of fair lending laws and help communities, governments and creditors identify credit needs for small businesses, including those owned by women and persons of color. It also required the CFPB to issue rules and guidance to implement Section 1071. <\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The\u00a0reporting requirement\u00a0has never\u00a0been about reporting\u00a0for its own sake.\u00a0The heart of Section 1071 is about knowing who gets access to capital and having a national dataset that can guide enforcement, product design, public\u00a0investment\u00a0and advocacy.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">On\u00a0May 1, 2026, the CFPB issued\u00a0<\/span><a href=\"https:\/\/www.federalregister.gov\/documents\/2025\/11\/13\/2025-19865\/small-business-lending-under-the-equal-credit-opportunity-act-regulation-b\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">its final revised rule<\/span><\/a><span data-contrast=\"auto\"> implementing Section 1071 of the Dodd-Frank Act, effectively gutting\u00a0<\/span><a href=\"https:\/\/www.federalregister.gov\/documents\/2023\/05\/31\/2023-07230\/small-business-lending-under-the-equal-credit-opportunity-act-regulation-b\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">the 2023 version<\/span><\/a><span data-contrast=\"auto\"> of the rule\u2019s small business lending reporting requirements by reducing the number of lenders and small businesses covered by the rule. It also reduced the number of data points lenders are required to report. It took 13 years for the CFPB to issue Section 1071\u2019s initial implementing regulation in 2023. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Last year, the Trump administration-led\u00a0CFPB\u00a0proposed a drastic overhaul to the\u00a02023\u00a0rule\u2019s\u00a0reporting requirements. The\u00a02026\u00a0final rule reflects\u00a0the proposal\u00a0by:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"?\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;?&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Lowering\u00a0the number of covered lenders by raising the coverage threshold from 100 to 1,000 originations and excluding Farm Credit System lenders from coverage;\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"?\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;?&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Reducing\u00a0the number of covered small businesses by lowering the gross annual revenue cap from $5 million to $1 million;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"?\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;?&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Excluding\u00a0merchant cash advances, agricultural\u00a0lending\u00a0and credit transactions of $1,000 or less;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"?\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;?&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Reducing\u00a0the required datapoints by\u00a0eliminating\u00a0required reporting on pricing details, number of workers, application\u00a0method\u00a0and other categories;\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"?\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;?&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Modifying the demographic information collected to remove all data collected on disaggregated race, ethnicity and the LGBTQI+ status of business owners applying for credit; and<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"?\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;?&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Extending\u00a0the compliance date\u00a0to January 2028.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">These\u00a0changes drastically reduce\u00a0the\u00a0<\/span><a href=\"https:\/\/ncrc.org\/section1071\/\"><span data-contrast=\"none\">percentage of lenders who must report\u00a0to the CFPB<\/span><\/a><span data-contrast=\"none\">\u00a0about their small business lending activities.\u00a0For example,\u00a0the percentage of banks\u00a0required\u00a0to report\u00a0is now\u00a0between 3.6%-3.8%\u00a0when under the 2023 version\u00a0of the\u00a0rule, approximately\u00a0one third of all banks\u00a0were required\u00a0to do so.\u00a0That is a drop\u00a0from 1,700-1,860\u00a0banks being required to report\u00a0to\u00a0only\u00a0167-176\u00a0banks, meaning that\u00a0this\u00a0change\u00a0will\u00a0result in\u00a0a ten-fold reduction\u00a0in\u00a0the number of\u00a0banks\u00a0required\u00a0to report. The 2026 rule\u00a0similarly reduces the number of other lenders\u00a0required\u00a0to report as\u00a0well.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">NCRC and its members have been working on small business data transparency for almost two decades. In <\/span><span data-contrast=\"auto\">2019,\u00a0<\/span><a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.cand.342075\/gov.uscourts.cand.342075.1.0.pdf\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Rise Economy<\/span><\/a><span data-contrast=\"none\">,\u00a0then known as the California Reinvestment Coalition,\u00a0the National\u00a0Association of Latino Community Asset Builders (NALCAB) and small business owners\u00a0sued the CFPB\u00a0to\u00a0force the agency to issue the long-delayed rule. That litigation helped produce a court-enforceable deadline for the CFPB to\u00a0finalize\u00a0the rule. Now, the fight has shifted from forcing the agency to act to\u00a0prevent\u00a0the agency from weakening implementation.\u00a0<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">In\u00a0July 2025, Rise Economy,\u00a0along with\u00a0NCRC,\u00a0Main Street Alliance\u00a0and\u00a0Reshonda\u00a0Young (an\u00a0Iowa small business owner)\u00a0<\/span><a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.dcd.282918\/gov.uscourts.dcd.282918.1.0_1.pdf\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">sued the CFPB\u00a0again<\/span><\/a><span data-contrast=\"none\"> in federal district court, arguing that the agency unlawfully abandoned its implementation of the congressionally mandated small business lending data rule. The lawsuit alleges Administrative Procedure Act violations and seeks to halt the administration\u2019s actions by requiring enforcement of the lending transparency rule.\u00a0<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The suit argues that when Congress tells an agency to collect and publish data to detect discrimination and identify community development needs, the agency should not be able to nullify that\u00a0Congressional\u00a0mandate through delay, non-enforcement or\u00a0by creating\u00a0a rule so\u00a0useless\u00a0that it undermines the statute\u2019s purpose.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Financial\u00a0institutions\u00a0often\u00a0<\/span><a href=\"https:\/\/www.icba.org\/w\/icba-statement-on-cfpb-s-final-rule-to-implement-section-1071-small-business-reporting-requirements?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">argue that reporting will be costly<\/span><\/a><span data-contrast=\"none\">,\u00a0could discourage small\u00a0<\/span><a href=\"https:\/\/stage-www.aba.com\/advocacy\/our-issues\/section-1071-rulemaking?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">business<\/span><\/a><span data-contrast=\"none\">\u00a0lending\u00a0and\u00a0that demographic data collection creates\u00a0<\/span><a href=\"https:\/\/www.boozman.senate.gov\/2025\/2\/boozman-kennedy-push-to-block-unnecessary-collection-of-small-business-data?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">privacy or reputational risks<\/span><\/a><span data-contrast=\"none\">.\u00a0However, those\u00a0concerns are not arguments for keeping the public in the dark.\u00a0Since\u00a01975, the\u00a0<\/span><a href=\"https:\/\/www.consumerfinance.gov\/data-research\/hmda\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Home Mortgage Disclosure Act (HMDA) has required<\/span><\/a><span data-contrast=\"none\"> financial institutions to\u00a0maintain, report and publicly\u00a0disclose\u00a0loan-level information about mortgages\u00a0to\u00a0help show whether lenders are serving the housing needs of communities.\u00a0<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The long history of mortgage lenders\u00a0complying with\u00a0<\/span><a href=\"https:\/\/www.consumerfinance.gov\/data-research\/hmda\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">HMDA\u00a0reporting<\/span><\/a><span data-contrast=\"none\"> requirements demonstrates that public loan-level data can coexist with a robust credit market. Section 1071 also addresses privacy concerns by containing privacy protections that allow the CFPB to modify or withhold data when disclosure risks are too high. The better policy response would be to gradually phase in the new compliance requirements, provide clearer guidance and better protect sensitive information, much of which was contained in the 2023 CFPB rule.\u00a0<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Opponents of Section 1071\u00a0have been\u00a0pursuing congressional carveouts and repeals.\u00a0For example,\u00a0if enacted,\u00a0<\/span><a href=\"https:\/\/www.govtrack.us\/congress\/bills\/119\/hr976\/text\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">H.R. 976<\/span><\/a><span data-contrast=\"none\">\u00a0would repeal the small business lending data collection requirements outright, while other bills would narrow who must report and what they must report\u00a0on. The\u00a0<\/span><a href=\"https:\/\/www.congress.gov\/bill\/119th-congress\/house-bill\/941\/text\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Small LENDER Act<\/span><\/a><span data-contrast=\"none\"> (H.R. 941) would sharply exempt all lenders making fewer than 2,500 small business loans, limit covered small businesses to those with $1 million or less in annual revenue and delete key datapoints from reporting requirements, such as pricing and denial reasons.\u00a0<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Another example is\u00a0the\u00a0House-passed\u00a0<\/span><a href=\"https:\/\/www.congress.gov\/bill\/119th-congress\/house-bill\/7567\/text\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Farm Bill<\/span><\/a><span data-contrast=\"none\">\u00a0in April 2026\u00a0with language making the Farm Credit Administration the \u201csole and independent regulator.\u201d\u00a0The accompanying committee report also makes clear\u00a0that\u00a0the provision is intended to shield Farm Credit institutions from CFPB 1071 reporting\u00a0requirements.\u00a0\u00a0If passed into\u00a0law, the\u00a0exemption would make it harder\u00a0for the public\u00a0to know if\u00a0capital is reaching\u00a0agricultural businesses that are small, just starting out or\u00a0underserved.\u00a0<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">After 16 years of advocacy, research, rulemaking and litigation, the progress behind Section 1071 is real, even if the work is unfinished.\u00a0Advocates helped move small business lending data transparency from a statutory promise in 2010 to a national rule.\u00a0Still, the\u00a0CFPB\u2019s\u00a02026\u00a0rule has\u00a0gutted\u00a0the dataset needed for the public to\u00a0identify\u00a0discrimination, credit\u00a0deserts\u00a0and unmet capital demand.\u00a0<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Advocates can help keep the debate grounded by documenting local small business credit barriers, educating lawmakers about how\u00a0additional\u00a01071 data would improve community development work and urging lawmakers to oppose\u00a0changes to the statute\u00a0that would\u00a0further\u00a0prevent the public from seeing which lenders are serving small businesses fairly and which communities are still being left out.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em>Tara Flynn is the Policy Director with NCRC&#8217;s Policy &amp; Government Affairs team.<\/em><\/p>\n<p><em>Photo credit: <a href=\"https:\/\/unsplash.com\/@stephjq\" target=\"_blank\" rel=\"noopener\">Steph Quernemoen<\/a> via <a href=\"https:\/\/unsplash.com\/photos\/thank-you-for-supporting-local-sign-on-window-2vBTXkv-N20\" target=\"_blank\" rel=\"noopener\">Unsplash<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Small businesses\u00a0play a vital role in\u00a0the US\u00a0economy,\u00a0but\u00a0their ability to access credit\u00a0has been a longstanding obstacle\u00a0to their viability.\u00a0A\u00a0recent Federal Reserve report summarizing survey data found that nearly one-fourth of small businesses that employ others are owned by persons of color.\u00a0 Congress enacted Section 1071 of the Dodd-Frank Act to solve a basic market failure: the lack [&hellip;]<\/p>\n","protected":false},"author":4019,"featured_media":286902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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