CFPB Sketches Out Options For Small-Biz Loan Data Rule

Law360 (September 15, 2020, 9:43 PM EDT) -- The Consumer Financial Protection Bureau on Tuesday published an outline of proposals it's considering for carrying out a decade-old small-business lending data collection mandate, including what exemptions the agency is exploring and what information it might seek to have lenders report.

The 79-page document moves the CFPB one step closer to making good on its obligation under the Dodd-Frank Act to write rules implementing the law's Section 1071, which tasked the agency with collecting and releasing data from financial institutions on loan applications by small businesses and female- and minority-owned businesses.

This data reporting requirement could broadly apply to any bank,...

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