MBA Statement on CFPB Final Rule on Small Business Lending Reporting 

MBA’s President and CEO Bob Broeksmit, CMB, released the following statement on the Consumer Financial Protection Bureau’s (CFPB) final rule (Section 1071) on the Reconsideration of Small Business Lending Under the Equal Credit Opportunity Act (Regulation B):

“MBA welcomes today’s final rule and appreciates the CFPB’s targeted approach to narrowing the scope of reporting requirements. The final rule appropriately avoids capturing most traditional commercial real estate lending activity – a position MBA has long advocated and the Bureau acknowledged – through updated definitions and higher reporting thresholds.

“This more tailored framework reflects important feedback from MBA and other industry stakeholders and helps reduce unnecessary compliance burdens and preserve market liquidity for commercial real estate finance. MBA looks forward to continued engagement with regulators to ensure smooth implementation.”