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Community lenders tell House panel data-collection and compliance costs are slowing SBA lending
Summary
Leaders of community banks, credit unions and a nonprofit lender told a House committee that federal reporting rules and rising compliance costs are diverting staff time and slowing delivery of SBA-backed loans.
WASHINGTON — Leaders of community banks, credit unions and a nonprofit lender told the House Committee on Small Business that recent federal reporting rules and rising compliance costs are reducing their capacity to make small-business loans and slowing access to SBA-backed credit.
“the typical turnaround time on SBA loans within our department ranges from 45 to 75 days,” Justin Hooper, CEO and chairman of the Cross Timbers region of First Financial Bank, said during the committee’s hearing. Hooper told members that his bank estimates it now spends about $11,000,000 a year on compliance and related outside services, and that implementation of the Consumer Financial Protection Bureau’s Section 1071 rule alone…
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