The Senate voted 49-48 to bring the Biden administration's nominee to lead the Consumer Financial Protection Bureau, Rohit Chopra, to a full confirmation vote, which could happen as early as next week. "Americans need efficient and effective access to credit, and the bureau should not act to constrain our ability to serve customers in their time of need," wrote CBA's Richard Hunt in a letter earlier this year concerning the overregulation of credit.

Small businesses are facing a wave of challenges as the Delta coronavirus variant spreads, and, in addition to assistance from the Paycheck Protection Program, banks are showing an uptick in traditional loans issued to small companies, Consumer Bankers Association President and CEO Richard Hunt says. Banks will continue lending "in a reasonable and responsible way so the small-business person can make sure they can afford their payments," Hunt says.

Consumer Bankers Association President and CEO Richard Hunt says small businesses are facing a wave of new challenges with the rise of the COVID-19 Delta variant and, in addition to the assistance provided through the Paycheck Protection Program, banks are showing an uptick in the number of traditional loans being issued to small companies. Hunt said banks will continue "in a reasonable and responsible way so the small-business person can make sure they can afford their payments."

Banks would need to revamp their systems and processes to meet the requirements for a proposed data collection rule from the Consumer Financial Protection Bureau, according to Richard Hunt, president and CEO of the Consumer Bankers Association. "The complexities of collecting and reporting credit application data on women-owned, minority-owned, and small businesses under Section 1071 cannot be overstated," Hunt said in a statement.