September 2017 - LEND360

LEND360 Comment Letter on CFPB Request for Information Regarding Section 1071 of Dodd/Frank

The LEND360 Small Business Lending Advisory Committee evaluated and commented on the Request for Information from the Consumer Finance Protection Bureau (CFPB) regarding Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1071 pertains to lender data collection requirements for loans made to small, minority, and women-owned businesses.

This Committee has been integral in shaping the discussions for LEND360, as well as engaging in policy issues impacting the small business lending industry. The full comment letter is located below: 

 FOR IMMEDIATE RELEASE

 LEND360 Forms First of Its Kind Small Business Lending Advisory Committee

Committee to help facilitate LEND360 initiatives focused on the small business lending space.

ARLINGTON, VA (September 14, 2017) — The 4th Annual LEND360, the go-to event for leaders in the fintech industry, has formed a Small Business Lending Advisory Committee, made up of key industry players. LEND360 has always had a strong focus on business lending, and the forming of this committee is a natural progression of its growing focus at the event. 

How Alternative Data is Making Credit More Available to Consumers

By: Michael Day, LEND360 Policy Director

Without credit, it is nearly impossible to buy a home or start a business. Many Americans face barriers accessing credit or pay more for credit. At times, this is due to a record of late payments or trouble documenting income. Still, a growing group of consumers either have no credit history or possess a history that is inconsistent. It is estimated that this affects 45 million consumers. Many in the fintech community are using alternative forms of data to expand access to capital.

Digital Identity Attributes:  The Key to Success in a Complex Regulatory and Competitive Market

By: John Dancu is CEO of IDology

Already under pressure to stay on top of a highly competitive market, new regulations will increase the cost of business, requiring additional processes and complicating compliance for online lenders. At the same time, across the board consumer expectations are high for experiences and applications that are smooth and frictionless. Top that with the growing consumer preference for mobile and many online lenders are wondering how to bring it all together.