The CFPB has put out a request for information as a preliminary step before rulemaking, which is required by the Dodd-Frank Act, a section of which amends the Equal Credit Opportunity Act to require financial institutions to report information concerning credit applications made by women-owned, minority-owned, and small businesses in order to facilitate enforcement of fair lending laws. A key concern for the advocacy office is that the CFPB apparently wants data that would cover an extensive share of the market and thereby force small banks to spend capital on new computer systems.
December 2017
