Executive Leadership

An Executive Summary of the transformative potential of the SMALL LENDER Act. The SMALL LENDER Act is a game changer for the equipment finance and asset leasing industry. The Act would provide relief to small businesses and lenders from the CFPB’s final rules under Section 1071 of Dodd-Frank. In addition to offering an understanding of the Act, the blog covers how it enhances accessibility and inclusion, drives innovation in the equipment finance and asset leasing industry, strengthens the market ecosystem, and helps foster economic growth and stability….

Key Executive insights from the President/CEO of LTI Technology Solutions, Jeff Van Slyke of the 2024 Capitol Connections Convention held in Washington DC on May 22nd, 2024. The blog summarizes the ELFA organized event, Capitol Connections Convention. Held on Capitol Hill, top leaders from across the equipment finance and asset leasing industry met with policymakers regarding the impact of the proposed changes to Section 1071 of the Dodd-Frank Act and its impact on the industry. Discussions focused on three critical areas:
#1. The Challenges of Section 1071 of the Dodd-Frank Act, specifically regarding extensive data collection requirements to the credit application process.
#2. CFPB’s $5 Million Threshold which effectively turns Section 1071 into a broad catch-all repository for nearly all commercial loans across the US, deviating from the original intent of the legislation.
#3. Advocacy for the SMALL LENDER Act. Collectively, ELFA members urged COngress to co-sponsor the SMALL LENDER Act which aims to provide relief from the CFPB’s final rules under Section 1071 of the Dodd Frank in 3 critical ways: extend the compliance period to three years with an additional two year grace period as opposed to the current 18-month implementation period; redefines the definition of small business to those with gross annual revenues of $1 million or less, instead of the existing $5 million; and adjusts the financial institution criteria to those financial institutions originating at least 500 covered transactions annually, rather than the current 100.