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ARTICLE · 17 APRIL 2023

CFPB Finalizes Long-Awaited Small Business Data Collection Rule

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On March 30, 2023, the US Consumer Financial Protection Bureau ("CFPB") published its long-awaited final rule requiring lenders to collect and report data about their small business lending activities.

United StatesFinance and Banking
Tori K. Shinohara
Tori K. Shinohara
Francis L. Doorley
Francis L. Doorley
Kerri Elizabeth Webb
Kerri Elizabeth Webb
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On March 30, 2023, the US Consumer Financial Protection Bureau (“CFPB”) published its long-awaited final rule requiring lenders to collect and report data about their small business lending activities. The final rule implements Section 1071 of the Dodd-Frank Act, which was designed to effectuate fair lending laws with respect to women-owned, minority-owned and small businesses. The final rule was issued just one day before a court-mandated deadline for finalization, and more than 10 years after the enactment of the Dodd-Frank Act.

As those who reviewed the proposed version of the rule may suspect, the requirements under the finalized rule are extensive. For lenders already used to complying with the Home Mortgage Disclosure Act's (“HMDA”) reporting requirements for mortgage loans, the implementation process will be challenging. But for lenders who do not currently collect and report under HMDA, implementation of the Section 1071 rule is likely to be particularly

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