Yesterday, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a proposed rule that would revise certain provisions of Regulation B, subpart B, implementing changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is proposing to: Raise the origination threshold for covered financial institutions from the current 100 small‑business credit applications (over two preceding years) to 1,000 such applications. […]
Tag: Small Business Data Collection and Reporting
CFPB Study Finds Differential Treatment in Small Business Lending Markets
Yesterday, the CFPB (Consumer Financial Protection Bureau) released a study revealing disparities in how lenders treat Black and white small business owners seeking loans. CFPB Director Rohit Chopra said, “The results of our secret shopping are consistent with the longstanding concerns that small business loan borrowers experience different treatment based on their race. Fair access to small business loans is essential for the success of our economy.” Key Findings from the Study The CFPB’s […]
FREE Section 1071 Guide For Community Bankers
Download our FREE Section 1071 guide, “An Introduction to Section 1071: Small Business Lending Data Collection Requirements,” to understand how the latest regulatory changes will reshape the landscape of small business lending. Written by the experts here at COMPLIANCE RESORUCE, this paper will help you… Comprehensive Overview of Section 1071: Gain a thorough understanding of the key elements of the new regulation and its implications for financial institutions. Implementation Timeline: Learn about the critical […]