US CFPB Updates Small Business Loan Census Requirements
The CFPB finalized rules replacing Biden-era demographic data requirements for small business loans. The move follows banking lobby concerns over loan volume.
Xurve View
Xurve View
The United States Consumer Financial Protection Bureau finalized regulations on Thursday afternoon to replace 2023 requirements for banks to collect small business demographic data. The new rule overturns a Biden-era mandate that required lenders to track the race and gender of business owners. For investors, the rollback reduces compliance costs for commercial lenders and potentially increases loan volumes by removing administrative friction.
