Can you think of the pros and cons of setting the small business definition to 5 million in revenue?
Also, I was wondering if there was an overriding need for the increase. For instance, if there is a statistic where 1 million covers the bulk of small businesses (I tried to find a statistic in the US Census website but could find one).

Technically Walmart could be a small business loan under the current definition of a small business loan which is based on the size of the loan, not the size of the business. In any event, the Agencies will have to match whatever the CFPB decides under 1071 otherwise you will be in a real nightmare with 2 different definitions of small business loan.