Luz Urrutia’s Congressional Testimony Supporting Lending Transparency
Luz Urrutia, CEO of Accion Opportunity Fund and Opportunity Fund, testified to the House Small Business Committee today about the urgent need for transparency in small business lending.
Luz Urrutia, CEO of Accion Opportunity Fund, testified to the House Small Business Committee today about the urgent need for transparency in small business lending. She spoke in support of the historic Small Business Lending Disclosure and Broker Regulation Act of 2020 that Congresswoman Nydia Velázquez introduced in late July – the first-ever federal truth-in-lending act for small businesses. If passed, the Act will protect small business owners from irresponsible lending practices.
The bill would protect small business owners from irresponsible and predatory lending practices. The legislation would bring a projected $3.8 billion in savings for nearly 800,000 small businesses annually, including hundreds of millions in savings for over 158,000 small businesses owned by entrepreneurs of color.
Watch Luz Urrutia’s testimony here:
Read more about our work to advance lending transparency for small businesses here.