MBA criticizes CFPB’s final rule on small business loan reporting
The rule will also now cover closed-end loans, lines of credit, business credit cards, online credit products, and merchant cash advances by banks, nonbanks, credit unions, and other lenders. The CFPB defined a small business as one with gross revenue under $5 million in its fiscal year. “Many local businesses were shuttered during the COVID-19 … [Read more…]