CFPB Says It's 'On Track' With Small-Biz Loan Data Rule Plans

Law360 (August 25, 2020, 9:35 PM EDT) -- The Consumer Financial Protection Bureau on Monday said it remains "on track" to release next month an outline of proposals it's considering for carrying out a decade-old small-business lending data collection mandate, which community advocates previously sued the agency for allegedly ignoring.

The CFPB made the disclosure in a status report updating a California federal judge on the agency's progress under a settlement reached earlier this year with the California Reinvestment Coalition and other advocates behind the litigation over the data collection mandate.  

The settlement laid out a series of deadlines for the CFPB to write rules implementing Section 1071...

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