Understanding and Implementing the New Regulation B Small Business Loan Data Collection and Reporting Rules
Auditing, Commercial/Business Lending, Compliance, CRA Compliance, Lending, Lending Compliance
On August 31, 2021, the Consumer Financial Protection Bureau (CFPB) published a 918-page notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act. That section amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses.