United States: Comment deadline set for CFPB’s proposal to collect data on small business loans
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A CFPB proposal to require the collection of small business loan data in accordance with Dodd-Frank Section 1071 (“Small Business Data Collection”) has been published in the Federal Register. Comments on the proposal must be received by January 6, 2022.
As previously stated, the proposal would add a new subpart B (âSmall Business Loan Data Collectionâ) under Regulation B (âEqual Credit Opportunity Actâ). If enacted, the requirements would apply to any financially active entity that has “initiated” 25 or more small business credit transactions, as defined in the Small Business Act, in the two calendar years preceding the start of the transaction. date of entry into force of the rule.
Under the proposed requirements, the following data on small business applications should be collected and reported:
- the type of credit requested by the application, as well as the nature and income of the applicant’s business; and
- the demographic characteristics of the applicant, including (i) minority or female owned business status and (ii) ethnicity, race and gender.
- Federal register: data collection on small business loans under the Equal Credit Opportunities Act (Regulation B)
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