CFPB Still Has Not Begun Collecting Small Business Loan Complaints
Two years ago, the Consumer Financial Protection Bureau (CFPB) announced that they planned to collect small business lending complaints. However, there is still no option to complain about a small business loan on their website.
“Subject to an assessment of feasibility, the Bureau’s consumer response team will build the infrastructure to intake and analyze small business lending complaints,” an early 2016 report stated.
Although the CFPB did manage to successfully roll out a small business lending Request For Information (RFI) under former Director Richard Cordray, current acting Director Mick Mulvaney seems to have different plans for the government agency. On January 17th, he called for an introspective RFI, one in which the public can share their input on what the CFPB should be doing.
Given the philosophy of the current leadership, it could be a while before small business lending initiatives are rolled out.Last modified: January 20, 2018