"The collection and public reporting of small business lending data was mandated by Dodd-Frank to shine a light on lending activity and inactivity when it comes to serving women-owned, minority-owned and small businesses," said NCRC President and CEO
NCRC provides recommendations on the types of data that should be collected, the institutions that should be required to report the data, and how the data should be collected and made accessible:
* Among the data elements required to be collected on race, ethnicity, and the revenue size of the business, NCRC recommends subcategories to provide more details on lending patterns to a greater variety of racial and ethnic groups and microbusinesses. NCRC also recommends capturing information on which borrowers applied and which were denied on loan applications, and the type and purpose of loans.
* NCRC recommends the collection of additional data elements beyond those required. These data elements include pricing data on the loan, the creditworthiness of the small business owner and the small business itself, and the number of employees of the business.
* To ensure a comprehensive picture of small business lending, NCRC recommends expanding the types of institutions required to report data to include banks of all sizes and non-banks, such as credit unions and non-depository lenders.
* Currently, five separate government agencies collect and release small business loan data using different specifications. To streamline this process, NCRC recommends these agencies report their data to the
* When releasing the data, NCRC recommends that the data be placed on the
The white paper was made possible by generous funding from the
[Category: Financial Services]
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