Responsible Business Lending Coalition Heralds Rohit Chopra's Confirmation as Director of Consumer Financial Protection Bureau
For immediate release: September 30, 2021
CONTACT:
Caitlin McShane
(415) 225-8855 | [email protected]
September 30, 2021 -- Statement on today’s Senate vote confirming Rohit Chopra to lead the Consumer Financial Protection Bureau from Armen Meyer, Head of Public Policy at LendingClub, on behalf of the Responsible Business Lending Coalition.
As a coalition that is focused on addressing the rise of irresponsible practices in the small business lending industry, we welcome the nomination of Rohit Chopra to become the next director of the Consumer Financial Protection Bureau (CFPB).
The CFPB was created nearly 10 years ago in response to the last financial crisis, and since then new crises have emerged. Small businesses, particularly those owned by people of color, women and immigrants, struggle with the rise of irresponsible small business lending and the catastrophic economic consequences of COVID-19. The CFPB has a role to play in promoting fair access to capital for small business financing, and Director Chopra will bring deep expertise to that work. We applaud Director Chopra’s record of tackling predatory small business lending practices in his prior role at the Federal Trade Commission (FTC).
The CFPB has already begun the process to implement Section 1071 of the Dodd-Frank Act, under which the Bureau would collect data on small business financing to promote fair access to capital to small, minority- and women-owned businesses. The Responsible Business Lending Coalition encourages the Bureau to move quickly under Director Chopra’s leadership to begin collecting this data to promote innovation and fairness in financing for minority- and women-owned businesses.
We look forward to working with Director Chopra to promote a fairer and more transparent small business lending marketplace.
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Responsible Business Lending Coalition
The Responsible Business Lending Coalition (RBLC) is the leading cross-sector voice on small business financial protection. The coalition is comprised of nonprofit and for-profit lenders, investors, and small business advocates that share a commitment to innovation in small business lending and serious concerns about the rise of irresponsible small business lending. The coalition created the Small Business Borrowers' Bill of Rights, the first cross-sector consensus on the rights that small business owners deserve and what financing providers, brokers and lead generators can do to uphold those rights. Over 110 small business lenders, brokers and lead generators, and advocacy organizations have endorsed these standards. Members of the Responsible Business Lending Coalition include Accion Opportunity Fund, Community Investment Management, Funding Circle, LendingClub, Opportunity Finance Network, Small Business Majority, and the Aspen Institute. For more information, visit www.borrowersbillofrights.org
The Responsible Business Lending Coalition (RBLC) is the leading cross-sector voice on small business financial protection. The coalition is comprised of nonprofit and for-profit lenders, investors, and small business advocates that share a commitment to innovation in small business lending and serious concerns about the rise of irresponsible small business lending. The coalition created the Small Business Borrowers' Bill of Rights, the first cross-sector consensus on the rights that small business owners deserve and what financing providers, brokers and lead generators can do to uphold those rights. Over 110 small business lenders, brokers and lead generators, and advocacy organizations have endorsed these standards. Members of the Responsible Business Lending Coalition include Accion Opportunity Fund, Community Investment Management, Funding Circle, LendingClub, Opportunity Finance Network, Small Business Majority, and the Aspen Institute. For more information, visit www.borrowersbillofrights.org
