The Consumer Financial Protection Bureau has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. A summary, with a link to the rule, is here.
Consumer Financial Protection Bureau, Other Lending, Debt, and Credit Issues
New rule on data collection on small business lending
