A Consumer Financial Protection Bureau plan to water down a Biden-era rule requiring financial institutions to collect demographic and other data on small business borrowers is exposing rifts among banks and other lenders.
The CFPB’s proposal, released last month, would slash the number of banks, financial technology companies, and other lenders that have to report the race, gender, ethnicity, and other characteristics of their borrowers.
The proposed rewrite, if finalized amid a funding crunch at the CFPB, would also eliminate vast swaths of data that covered lenders have to report.
Overall, industry groups applauded the CFPB’s plans to roll ...
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