The Consumer Financial Protection Bureau is looking to significantly narrow a Biden-era small business lending data collection rule after facing legal challenges from both consumer and banking groups over the requirements.
The number of lenders required to submit demographic data on their small business borrowers would shrink under the proposal, set to hit the Federal Register Thursday. Lenders would also get a reprieve on the scope of data they have to submit.
“The CFPB believes these proposed changes would streamline the rule, reduce complexity for lenders, and improve data quality, advancing the purposes of section 1071 and complying with ...