Policy

Nation’s Leading Nonprofit Small Business Lender Announces its Policy Priorities for the 118th Congress

Luz Urrutia, CEO of Opportunity Fund, had the opportunity to participate as a Small Entity Representative in the Consumer Financial Protection Bureau’s (CFPB) Small Business Regulatory Enforcement Fairness Act (“SBREFA”) panel.

Individual consumers are protected by the Truth in Lending Act (TILA), which requires transparent disclosure of loan terms, fees and annual percentage rates (APR) of loans. Small businesses, however, are not covered by this law, leaving them vulnerable to misleading or irresponsible lending practices.

Earlier this week, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released their plan to modernize the Community Reinvestment Act (CRA). The two governing bodies are soliciting feedback on their proposals, due mid-February. This is our first statement on the proposed changes; we will be submitting a…

California is on the verge of implementing the most significant financial protection bill in the nation for small business owners, something Accion Opportunity Fund has been advocating for many years.

As a founding member of the Responsible Business Lending Coalition (RBLC), Accion Opportunity Fund is elated to see that Representatives Phillips (D-MN), Timmons (R-SC), and Velazquez (D-NY) have introduced a bi-partisan resolution in support of the RBLC’s Small Business Borrowers’ Bill of Rights.

The Responsible Business Lending Coalition (RBLC), a group of non-profit and for-profit leaders and small business advocates, joined together in 2015 to protect main street from irresponsible small business lending. On May 2nd, the group was honored by the California Reinvestment Coalition in Oakland with a Community Heroes Award.

SB 1235, authored by State Sen. Steve Glazer (D-East Bay), was supported by a coalition of more than sixty organizations, including Accion Opportunity Fund, from the private sector and non-profit lenders and advocates.

Today, the California State Assembly Committee on Jobs, Economic Development, and the Economy (JEDE) voted in favor of Senate Bill 551, which sustains a state program that helps Community Development Financial Institutions (CDFIs) and small banks make responsible small-dollar loans to California small businesses.

Accion Opportunity Fund is a big supporter of the work that the Consumer Financial Protection Bureau (CFPB) is doing on behalf of American consumers.