Credit Unions Move to Join Small Business Data Rule Challenge

Credit unions asked to be included in a lawsuit that has provided some banks with a respite from complying with a Consumer Financial Protection Bureau rule mandating the collection of small business lending demographic data.

The Credit Union National Association (CUNA), the Cornerstone Credit Union League, and Corpus Christi, Texas-based Rally Credit Union asked to be allowed to intervene in an April lawsuit over the CFPB’s rule, according to an unopposed motion filed Thursday.

The rule, mandated by the 2010 Dodd-Frank Act, requires banks, credit unions, fintechs, and other lenders to collect data about the race, gender, ethnicity, and other ...