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

IBA Compliance Connection

Your go to source for compliance!

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

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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.

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