Bureau to survey banks on costs for providing info about credit extended to women, minority-owned small businesses

A “cost of compliance survey” developed to measure expenses related to collection of information about applications for credit made to financial institutions by women-owned, minority-owned, and small businesses will be released for comment by the federal consumer financial protection agency as early as Friday, according to filings by the agency.

The survey, according to the Consumer Financial Protection Bureau (CFPB), is aimed at soliciting information about potential “one-time costs” to prepare to collect and report data about the applications. The agency said the survey will not cover potential ongoing costs from actually collecting and reporting data.

CFPB proposed the survey in a filing with the Federal Register Thursday.

Under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), and the changes that law made to the Equal Credit Opportunity Act (ECOA), financial institutions are required to compile, maintain, and report to the CFPB information about the credit applications made by the groups (subject to an agency rule).

Comments will be taken on the survey proposal for 30 days, the agency said.

Agency Information Collection Activities: Comment Request