LEND360, an online lending industry annual event, has formed a “Small Business Lending Advisory Committee” made of of industry participants. LEND360 organizers state that they have always had a strong focus on business lending, and the forming of this committee is a natural progression of its growing focus at the event. The group states that small businesses are key to the economy’s growth and an important component of their success is access to capital and thus the committee has been created to advocate on its behalf.
The first undertaking of the Committee was to evaluate and comment on the upcoming Request for Information from the Consumer Finance Protection Bureau (CFPB) regarding Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1071 pertains to lender data collection requirements for loans made to small, minority, and women-owned businesses. LEND360 says it will be publishing the comment letter later this Fall.
“LEND360 is the industry incubator where creative minds come together charting new and innovative strategies to meet small business lending needs,” said Matt Kaitz, Education Director at LEND360. “As we’re doing with the CFPB 1071 Comment Letter, this group will continue to engage policymakers and weigh–in on many of the pressing policy issues impacting the small business credit market.”
The Small Business Lending Advisory Committee participating companies are:
- Ballard Spahr LLP
- Clark Hill PLC
- Divergent Capital
- Evolve Capital Partners
- Hudson Cook LLP
- Innovative Decision Analytics
- MRS BPO LLC
- Small Business Finance Association (SBFA)
- US Black Chambers, Inc.