4 things to watch out for in CFPB’s Small Biz loan data proposal

Law360 (September 3, 2021, 10:44 p.m. EDT) – The Consumer Financial Protection Bureau has finally drawn up plans for an extensive new data collection regime to help fight discrimination and promote fairness in the lending market to $ 1.4 trillion small businesses, but banks and other lenders may be hesitant about its size and scope.

CFPB’s gigantic regulatory proposal released on Wednesday would require a wide range of financial institutions to start reporting applicant demographics, price details and a host of other credit information to the agency. small businesses.

Although regulation remained on the agency’s to-do list for literally a decade, the proposal that emerged …

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