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CFPB Proposes Small Business Loan Rules to Curb Discrimination (1)

Sept. 1, 2021, 4:56 PMUpdated: Sept. 1, 2021, 9:12 PM

The Consumer Financial Protection Bureau is proposing new requirements for banks and other small business lenders to provide data on applicants’ demographic information and loan terms, an effort at curbing bias and discrimination.

Lenders also would have to report the amount and type of small business credit and loans they issued or that were rejected by applicants.

The rules would apply to credit unions, financial technology companies, equipment financing companies, community development financial institutions, and others.

The proposal comes as small businesses, particularly the ones owned by women and minorities, have spoken out about their difficulty in getting access to ...