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

Commercial Credit, Digital Lending, Small Business Credit

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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