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Tuesday, August 1, 2017

State Associations, ABA Meet with CFPB on Small Business Lending Data Collection Requirements

ABA and six state association CEOs met with staff from the CFPB’s research, markets and regulations division to discuss the implementation of section 1071 of the Dodd-Frank Act, which requires financial institutions to report information regarding credit applications by women-owned, minority-owned and small businesses.

Among the issues discussed were the costs and burdens of collecting small business lending data, as well as the potential for misinterpretations or incorrect conclusions that may arise from the collection or public release of such data. In addition, participants raised concerns about customer privacy and financial institution confidentiality related to the release of potential data to the public.

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