The Consumer Financial Protection Bureau (CFPB) recently released a proposed rule, Section 1071, that could help level the playing field for BIPOC-owned small businesses. Section 1071 would allow the CFPB to collect and report data on small business lending, including disaggregated data on loan recipients' race and ethnicity.

Entrepreneurs of color—particularly Black and Latinx—have long faced barriers to accessing credit for their small businesses. This rule can shed light on small businesses' capital needs and, ultimately, help authorities remediate lending discrimination. We've drafted a comment letter to the CFPB in support of Section 1071, and we invite your organization to sign on.

Take a moment to view our letter below and add your organization as we ask the CFPB to prioritize entrepreneurs of color in the final Section 1071 rule. The deadline to sign on is Thursday, January 6 at 12pm ET.

Add Your Organization

Together, we can make sure small businesses, particularly those owned by people of color, have equitable access to capital.

For additional questions about this rule, please contact Anju Chopra at [email protected].   