Morning Consult, September 16, CFPB’s Small-Business Lending Data Collection Rule Draws Community Bank Criticism
The way in which many small banks could be required to report small-business loan data on minority- and women-owned businesses is emerging as a contentious issue for the Consumer Financial Protection Bureau, which on Tuesday unveiled its long-awaited outline of how it plans to implement a key part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The CFPB has for years delayed a rulemaking on part of Dodd-Frank that requires collecting data on small-business lending to determine if minority- and women-owned small businesses are equally able to access funding, similar to how banks and mortgage lenders report data under the Home Mortgage Disclosure Act.
