Availability of Credit to Minority Owned Small Businesses Hearing Before the S
Availability of Credit to Minority Owned Small Businesses Hearing Before the S
Finance United States Congress House Committee On Banki
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Small businesses play an essential role in the economic viability of local communities. Since small businesses have very limited or no access to public credit markets, it is critically important that these entities, especially minority-owned small businesses, have adequate access to bank credit on reasonable terms and conditions. My testimony today will discuss the FDIC's initiatives and participation in programs to stimulate bank lending to small businesses, including minority-owned small busi...nesses. I will discuss efforts underway to reform the Community Reinvestment Act (CRA) regulations. In addition, I will discuss programs in place to evaluate and enforce fair lending laws. Our goal is to ensure that every creditworthy borrower is guaranteed equal access to the lending resources of banks and thrifts. Finally, I will comment on H. R. 918, legislation introduced by Representative Wynn, which provides for the collection and disclosure of certain data relating to small business lending.
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