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Small Business

Small Business

There are more than 26 million small businesses in America and 96% of those businesses have fewer than ten employees. The majority of minority and women owned businesses are among these smallest of the small businesses. CRL works to ensure fair treatment and fair lending practices to small business owners who want to start or grow their businesses and strengthen their communities and ensures that regulations do not exacerbate pre-existing inequities in the small business space.

Filter Results

Friday, September 29, 2023

Voters Overwhelmingly Support the Consumer Bureau’s Mission Across Party Lines

New data from the bipartisan polling team Lake Research Partners and Chesapeake Beach Consulting shows that voters across the political spectrum overwhelmingly support the ongoing mission of the Consumer Financial Protection Bureau (CFPB) to regulate the financial industry and protect consumers. The survey also revealed strong support for maintaining the secure, independent funding mechanism for the CFPB. These new findings are consistent with over 10 years of opinion research demonstrating strong public support for the agency’s role and work. Voters are strongly supportive of a variety of...
Research
Consumer Finance Small Business

Thursday, March 23, 2023

Allow the CFPB’s Final 1071 Rulemaking to Proceed without Delay

National CAPACD, NALCAB, and the Center for Responsible Lending submitted this letter to support the Consumer Financial Protection Bureau’s (CFPB) final Section 1071 regulation which will improve relationship banking by creating a robust and comprehensive data collection regime that helps ensure that small business lending is fair and accessible to entrepreneurs from all communities in the United States.
Letters to Congress
Small Business

Thursday, September 15, 2022

Letter Urging the U.S. Treasury Department and U.S. Small Business Administration to reverse the Good Faith Error Rule of the Paycheck Protection Program

The Center for Responsible Lending (CRL), American Business Immigrant Coalition (ABIC), and more than 20 consumer, civil rights and advocacy groups and lenders, recently submitted a letter urging the U.S. Treasury Department and U.S. Small Business Administration (SBA) to reverse the Good Faith Error Rule that has prevented more than 300,000 small business owners from obtaining forgiveness of Paycheck Protection Program (PPP) loans. Read the full letter.
Letters to Congress
Small Business

Tuesday, August 23, 2022

Letter Calls for Fed & OCC to Reject Proposed TD Bank Merger

Amid growing concern about corporate consolidation, the Center for Responsible Lending (CRL) and Americans for Financial Reform Education Fund are leading a letter calling for the Federal Reserve and the Office of the Comptroller of the Currency (OCC) to reject a proposed merger between TD Bank and First Horizon Bank. Their comment letter points to several reasons why regulators should deny the application , including TD Bank’s exceptionally poor treatment of consumers and an exacerbation of the “too-big-to-fail” problem if the merger is approved. Co-signatories are Alaska PIRG, American...
Comment Letter
Small Business Overdraft Fees

Friday, August 5, 2022

Joint Comment Letter on the Community Reinvestment Act Calling for Affordable Credit for Minority-Owned Businesses

The National Coalition for Asian American Community Development (National CAPACD), the Center for Responsible Lending (CRL), and the National Association for Latino Community Asset Builders (NALCAB) are pleased to submit collective recommendations as the Building Back Better for Entrepreneurs of Color partnership to the interagency request for public input regarding the Community Reinvestment Act.
Comment Letter
Small Business

Tuesday, May 31, 2022

Comment: Access to Capital Is One of the Greatest Barriers to Success for Minority Entrepreneurs

NALCAB, the National Association for Latino Community Asset Builders, The National Coalition for Asian Pacific American Community Development (CAPACD), and the Center for Responsible Lending (CRL) write in response to the invitation for public comments regarding changes made to the Community Advantage Pilot Program (CA) noticed in the Federal Register on April 29th, 2022. Access to capital is one of the greatest barriers to success for minority entrepreneurs. Since its inception in 2011 CA has successfully expanded access to capital for small businesses located in underserved communities...
Comment Letter
Small Business

Thursday, May 5, 2022

Small Business Matters: Forgive PPP Loans and Strengthen Section 1071

Next to owning a home, business equity is the largest source of wealth in the United States. Small businesses are the backbone of the American economy, providing almost half of all jobs in the U.S. and creating nearly two-thirds of all new jobs. Yet barriers to credit access prevent Americans from starting businesses and building generational wealth, further widening the racial wealth gap. Congress and federal agencies are charged with enforcing fair lending laws and ensuring equitable access to capital, but don’t have the data they need to answer basic questions about small business lending...
Policy & Legislation
Small Business

Monday, March 21, 2022

CRL Testimony at Hearing: “An Empirical Review of the Paycheck Protection Program”

On March 21, 2022, CRL submitted written testimony to the U.S. House of Representatives Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations for the hearing, “ An Empirical Review of the Paycheck Protection Program .”
Testimony
Small Business

Thursday, February 17, 2022

Coalition Urges SBA and Congress to Fix PPP Forgiveness Rules Unfairly Penalizing Microbusinesses

CRL and more than 50 community development, civil rights and small business groups, including National Urban League, National Association for Latino Community Asset Builders, UnidosUS and National Coalition for Asian Pacific American Community Development are urging SBA and Congress to fix the Paycheck Protection Program’s current forgiveness rules so that microbusinesses can receive full forgiveness of their PPP loans. Urgent recommendations in the letter include: Eliminate denials of loan forgiveness due to sudden changes in rules that were imposed without advance notice, both for business...
Letters to Congress
Small Business

Thursday, January 6, 2022

Comment to CFPB from Broad Coalition Urges Robust Data Reporting Requirements for Small Businesses

The Center for Responsible Lending (CRL), the National Association of Latino Community Asset Builders (NALCAB), and the National Coalition for Asian Pacific American Community Development (National CAPCACD), along with eleven undersigned public interest groups submitted comments to the Consumer Financial Protection Bureau in regards to its proposed rule to implement Section 1071 of the Dodd-Frank Wall Street Reform and Protection Act. The proposed rule will expand the data collection and reporting requirements in the Small Business Lending Market to include women-owned, minority-owned and...
Comment Letter
Small Business Payday and Other Small Dollar Loans

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Building on Over 40 Years of Lending Experience

CRL’s expertise gives it trusted insight to evaluate the impact  of financial products and policies on the wealth and economic stability of Asian, Black, Latino, rural, women, military, low-wage, low-wealth, and early-career workers and communities.

CRL is an affiliate of Self-Help, one of the nation’s largest nonprofit community development financial institutions. Our work leverages the strength of partnerships with national and local consumer and civil rights organizations.

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