November 18, 2015

C-Suite Wednesday — Applicant’s Minority Status Soon to be a Factor in Small Business Lending Underwriter Decisions

By Bob Coleman
Editor, C-Suite Wednesday

CFPBlogoFive years after the passage of Dodd-Frank, the CFPB is moving closer to determine if minorities are receiving fair access to capital in the small business lending market.

Future regulations will affect all small business lenders — traditional brick and mortar, online marketplace, and peer-to-peer.

Just how will this work?

Here’s a glimpse into the future based on this posted job opening last month for the Assistant Director of Small Business Lending for the Consumer Finance Protection Bureau.

Assistant Director, Small Business Lending (Expression of interest)
Consumer Financial Protection Bureau (CFPB) – Washington D.C. Metro Area

Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires lenders to report information about credit applications made by small, women-owned, and minority-owned businesses. The Dodd-Frank Act vests CFPB with authority to implement this requirement through regulations.

Your impact
As the Assistant Director for Small Business Lending Markets, you will lead an inter-disciplinary team in the Bureau’s research and development of a landmark collection of data about loans to small, women-owned, and minority-owned businesses.

Your team will:

  • Lead the market research that will establish the factual foundation for designing the collection;
  • Lead development of options for the scope and approach of the collection;
  • Serve as a trusted advisor on a rulemaking to implement the collection;
  • Monitor, analyze, and interpret developments in small business loan products;
  • Maintain high visibility with stakeholders and represent the Bureau to them.

What you’ll get

  • A once-in-a-career opportunity to make the market for small business finance fairer and more transparent
  • The chance to build and lead a team in a mission-driven organization

Poll: Is this a good thing?

Let us know what you think by leaving an open-ended comment here.