'We don't need to be scared by sunshine': Industry backs CFPB rule

Commercial Credit, Small Business, Digital Lending

At the recent Consumer Financial Protection Bureau (CFPB) Symposium, financial industry representatives convened to discuss Section 1071 of the Dodd-Frank Act, which requires lenders to collect and report more data on small businesses. PayNet SVP & GM William Phelan was a featured panelist at the Symposium and commented for American Banker on the process of collecting the data and the potential burden it will place on lenders.

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