CFPB Gets March Deadline for Small Business Lending Data Rule

The Consumer Financial Protection Bureau must finish rules for collecting data to identify potential discrimination in small business lending early next year, a federal judge ruled.

Judge Jeffrey S. White of the U.S. District Court for the Northern District of California approved an agreement on July 11 between the CFPB and California-based consumer advocates to have the small business lending data collection rule completed by March 31.

Section 1071 of the 2010 Dodd-Frank Act requires the CFPB to collect data on the race, gender, ethnicity, loan terms and other characteristics of small business lending, with an eye toward identifying and ...