Small Business Majority submits statement for the record to highlight importance of Section 1071

On July 18, Small Business Majority submitted a statement for the record in response to a U.S. House Committee on Financial Services hearing titled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.” The statement outlines the existing financing gaps that disproportionately impact women- and minority-owned businesses and how the implementation of Section 1071, which requires banks to collect and report data on small business loan applicants to the CFPB, would address these disparities by increasing transparency in the small business lending market.