Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities

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Home Personal Finance Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities. Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities. May 15, 2019.

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Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities – . against the consumer financial protection Bureau to force the agency to start collecting information on business- and commercial-loan applications made by women- and minority-owned small.

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CFPB Poised to Expand Regulation to Small Business Lending: Expect the Unexpected. Section 1071 requires financial institutions to collect certain data elements in connection with covered business loan applications, including the race, gender, and ethnicity of the principal owners of the.

Federal lawsuit says CFPB should collect data on business-loan applications from women and minorities – The 2010 Dodd Frank Act, a federal law passed in the aftermath of the 2008 market collapse, requires lenders to compile information on applications and actions taken on loan requests. The CFPB is.

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"Allowing voluntary collection will reduce the burden of compliance with Regulation C on some entities and provide certainty regarding Regulation B compliance over time," the CFPB said. The proposal will be open for public comment for 30 days after it is published in the Federal Register, the bureau said.

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On July 21, 2010, the Dodd-Frank Act established the CFPB to regulate the offering and provision of consumer products or services under federal consumer financial law. The CFPB is authorized under the act to enforce federal consumer financial law through judicial actions and administrative adjudication proceedings.

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