IBA Compliance Connection

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Has the CFPB issued a final rule regarding minority- and women-owned small business data collection?

Nov 7, 2017

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No, the CFPB’s rule that will require financial institutions to collect and report information on small business loan applicants — with a particular focus on applications and loans related to minority- and women-owned firms — has not yet been finalized. The CFPB released a request for information earlier this year, but the rule currently remains in the “pre-rule” stage.

For resources related to our guidance, please see:

CFPB Request for Information, 82 Fed. Reg. 22318 (June 15, 2017)
CFPB Agency Rule List (2017) (Classifying Business Lending Data as in the pre-rule stage)