The Hill recently published this Opinion piece from business owner Lya Sorano about the way that a Consumer Financial Protection Agency would help small businesses. She says:
The Chamber of Commerce and the bank lobbyists have falsely represented the interests of small businesses particularly aggressively in their fight to kill a new Consumer Financial Protection Agency (CFPA). If the CFPA were to come into being, it would provide protection against unfair credit card rate increases and late fee traps. It would impose “duties of care” on mortgage brokers and ban unfair side payments from lenders to brokers for pushing customers into higher priced loans. Small business owners – who regularly rely on credit card financing and take out home equity lines of credit to get started or stay afloat – would benefit enormously from these reforms. It’s not easy making business plans or budgets when your lender can jack up your rates at any time for any reason.