CFPB Scales Back Small Business Lending Rule, Easing Burden On Smaller Lenders
The Consumer Financial Protection Bureau (CFPB) has finalized a scaled-back version of its small business lending rule under Regulation B, sharply narrowing which lenders must comply and what data they must collect.Published May 1 in the Federal Register, the rule revises the Bureau’s Section 1071 framework under the Equal Credit Opportunity Act, which requires lenders to collect and report data on small business credit applications.
The Consumer Financial Protection Bureau (CFPB) has finalized a scaled-back version of its small business lending rule under Regulation B, sharply narrowing which lenders must comply and what data they must collect.Published May 1 in the Federal Register, the rule revises the Bureau’s Section 1071 framework under the Equal Credit Opportunity Act, which requires lenders to collect and report data on small business credit applications.
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