March 07, 2018

Wyden Works to Boost Opportunities for Women- and Minority-Owned Businesses in Senate Banking Bill

Washington, D.C. – Sen. Ron Wyden, D-Ore., today introduced a measure to expand access to business opportunities for women- and minority-owned businesses.

Wyden filed an amendment to legislation the Senate is considering this week would address the existing lending gap for women- and minority-owned businesses and encourage more lending to women and minorities trying to start or help grow their small business. It would require the enforcement of a rule created under the Dodd-Frank Act that requires financial institutions to provide data to the Consumer Financial Protection Bureau (CFPB) about their lending practices to women- and minority-owned businesses.

There are still significant hurdles for women and minority business owners, and entrepreneurs across the state of Oregon and the rest of the country can’t get access to the capital they need to start up and run small businesses,” Wyden said. “This amendment would help level the playing field for women and minority entrepreneurs by improving access to loans and other critical resources to help their businesses get off the ground.”

Wyden’s amendment would set a deadline of Dec. 31, 2018 for the CFPB to make data about lending practices to women- and minority-owned businesses publicly available. Congress required that information to be collected under Sec. 1071 of the Dodd-Frank Act, which encourages lending to women- and minority-owned businesses. The data has now been delayed for seven years.

The Senate is considering the Economic Growth, Regulatory Relief, and Consumer Protection Act this week. Wyden introduced this amendment among concerns that the broader bill undermines consumer protections.