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ARTICLE · 01 MAY 2023

Consumer Financial Protection Bureau Finalizes Small Business Lending Data Rule

Pillsbury Winthrop Shaw Pittman
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A far-reaching new federal regulation will for the first time require small business lenders to collect detailed data about applications and originations, and report that data to the Consumer Financial Protection Bureau (CFPB).

United StatesFinance and Banking
Brian Montgomery
Brian Montgomery

A far-reaching new federal regulation will for the first time require small business lenders to collect detailed data about applications and originations, and report that data to the Consumer Financial Protection Bureau (CFPB).

TAKEAWAYS

  • The CFPB finalized a rule that requires lenders to collect detailed demographic and financial data about small business credit and report that data to the CFPB.
  • The CFPB will use the data to create the first comprehensive public database of small business lending practices.
  • The CFPB rule continues the trend of federal and state regulators imposing increasingly complex, consumer-style requirements on commercial lenders.

On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued a final rule that requires small business lenders to collect detailed demographic and financial data about applications and originations, and annually report that data to the CFPB. Currently, lenders typically only collect

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