After years of rulemaking efforts, the Consumer Financial Protection Bureau (CFPB) may issue a final rule later this month that would require lenders to collect and report data on small business loan applications, including applications from minority-owned and women-owned small businesses. According to the CFPB, when it is implemented, the rule will create the first comprehensive database of small business credit applications in the United States.
Small Business Lenders: CFPB’s Anticipated Section 1071 Rule Would Impose New Data Collection, Reporting Obligations
