Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B)

Title: Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B)
Subject: Small-business loan data
Agency: CFPB
Status:
Proposed rule
Summary:

The Bureau of Consumer Financial Protection (Bureau) is publishing for public comment a proposed rule amending Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1071, the Bureau is proposing to require covered financial institutions to collect and report to the Bureau data on applications for credit for small businesses, including those that are owned by women or minorities. The Bureau’s proposal also addresses its approach to privacy interests and the publication of section 1071 data; shielding certain demographic data from underwriters and other persons; recordkeeping requirements; enforcement provisions; and the proposed rule’s effective and compliance dates.

FR Doc: 2021-19274
Date proposed: Sept. 1, 2021
Comments due date: Jan. 6, 2022
Effective date:

Rule compliance date:
Agency release:
Related Reg Report item(s):

Proposal would collect business lending data from lenders

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