WASHINGTON, D.C. – The Financial Technology Association (FTA) released a statement on the Consumer Financial Protection Bureau (CFPB)’s finalized rule under Section 1071 of the Dodd-Frank Act regarding small business lending.

“Small businesses are the backbone of the economy and rely on financial technology tools to start, scale, and run their businesses successfully,” said FTA President and CEO Penny Lee. “We share the Bureau’s commitment to fairness and transparency in small business lending. We look forward to working with the Bureau as it implements the rule to ensure proper lender and customer privacy protections, which will enhance access to capital for small businesses.” 

The Financial Technology Association (FTA) submitted a comment letter on the Bureau’s proposal highlighting financial technology companies’ positive role in expanding access to capital and urging the Bureau to help uncover disparities for women and minority-owned small businesses. FTA also called on the Bureau to collect and publish aggregated data in a way that advances fairness and understanding of small businesses’ credit needs. 

FTA represents trusted financial technology companies that help millions of small businesses access capital, manage their money, and reach new customers with digital payment options. Click here to learn more about the ways financial technology helps small businesses. 


The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.