CFPB Finalizes Rule on Small Business Lending Data
The CFPB finalized rules replacing Biden-era requirements for banks to collect borrower data. The move aims to reduce burdens on small business lending efforts.
Xurve View
Xurve View
The Consumer Financial Protection Bureau (CFPB) finalized rules in the United States on Thursday afternoon to replace Biden-era requirements for small business lending data. This move replaces a 2023 mandate requiring banks to collect demographic data on race, gender, and sexual orientation for small business owners. Investors in the banking sector see reduced compliance costs and lower regulatory risk following years of industry-led legal challenges.
