CFPB Issues Final Small Business Lending Data Collection Rule | Practical Law
The Consumer Financial Protection Bureau (CFPB) issued a final rule to require certain financial institutions to collect, and report to the CFPB, data on small business credit applications. The rule amends the CFPB's Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) required by Section 1071 of the Dodd-Frank Act.