CFPB Proposes Collecting Small Business Lending Data

The CFPB proposed requirements for collecting small business lending data pursuant to Dodd-Frank Section 1071 ("Small business data collection"). The proposal would add a new Subpart B ("Small Business Lending Data Collection") under Regulation B ("Equal Credit Opportunity Act"). If adopted, the requirements would apply to any entity engaged in financial activity that has "originated" 25 or more credit transactions to small businesses, as defined under the Small Business Act, in the two calendar years preceding the effective date of the rule.

Mandated by the proposed requirements would be the collection and reporting of data on small business applications including:

• the type of credit requested by the application, and the nature and revenue of the applicant's business; and