A Biden-era requirement for US lenders to collect demographic and other data on small business borrowers was significantly narrowed by the Consumer Financial Protection Bureau, marking the Trump administration’s latest rollback of standards designed to bolster enforcement of fair lending laws.
The final rule posted Thursday cuts down on the number of banks and other lenders required to collect the information as well as the scope of the reported data.
“These reforms not only make borrowing more affordable for America’s small businesses, including our farmers, but minimize burdens on those needing quick access to credit without requiring them to answer ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.